Category: Business

  • MIL-OSI Banking: IADC Student Chapters: Roundup of Activities in September!

    Source: International Association of Drilling Contractors – IADC

    Headline: IADC Student Chapters: Roundup of Activities in September!

    MIT Student Chapter celebrates 5 year anniversary with 1st Student Technology Meet 

    In the later part of September, the IADC Maharashtra Institute of Technology (MIT) Student Chapter hosted its inaugural Student Chapter Technology Meet. Program highlights included a Young Professionals panel, Women in Drilling, and technical insights into geothermal drilling. The event brought together industry experts to discuss the main panel topic, “Unlocking Drilling Efficiency for Geothermal Exploration and Production.” This special event marked the Chapter’s 5th Anniversary and was a valuable forum for students to gain industry insights and network with established professionals. 

    IADC PTI Student Chapter hosts 3-day quiz competition

    The IADC Petroleum Training Institute (PTI) Student Chapter recently hosted “Drilling Dynamics: Technical Challenge,” a 3-day quiz competition. There was a fantastic turnout for the event, with some days drawing over 160 students in attendance, eager to witness the competition. The event provided a platform for learning, fostering teamwork, and promoting healthy competition. Distinguished guests, including Engr. E.O. Ogunyemi, Mr. Frank Egede, and Engr. Dr. Adetona, added significant value to the event. 

    The PTI Student Chapter stated, “We extend our deepest appreciation to everyone who attended from Day 1 through to Day 3. Your support and enthusiasm have made this event truly special.”

    Universiti Teknologi PETRONAS (UTP) Members visit companies & host “International Rig IQ Showdown” 

    On 24 September, the IADC UTP Student Chapter visited PETRONAS WRTC and Aberdeen Drilling International in Kuala Lumpur. At PETRONAS, the students dove deep into cutting-edge technology with the experts themselves. 

    Over at Aberdeen Drilling International, the students had a hands-on experience with the most advanced drilling simulator suites. They got to simulate real-life MPD operations, controlling pressure and managing different scenarios.

    On 30 September – 1 October , the UTP Student Chapter hosted the International Rig IQ Showdown. The event consisted of engaging lectures, challenging exams, and practical drilling simulation sessions. Teams faced real-world drilling challenges, from controlling wells under pressure to managing unexpected rig scenarios. Each team showcased their skills in handling equipment, making critical decisions, and working seamlessly together.

    University of Wyoming Student Chapter introduces new officers 

    The IADC University of Wyoming Student Chapter recently announced its new officers for the 2024-2025 academic year:

    President – Daniel McFadyen
    Vice President – Garrett Cox
    Treasurer – Eli Hernandez
    Secretary – John Bertschy

    According to the Chapter, “We’re looking forward to bringing a range of events, tours, speakers, and more to the University of Wyoming this year. Stay tuned for updates and opportunities to get involved!” 

    University of North Dakota hosts “Lunch & Learn” event 

    In mid-September, the IADC University of North Dakota Student Chapter hosted its first Lunch & Learn event to kick off activities for the semester. Speakers from TAQA (Industrialization & Energy Services Company) shared their insights with the students on drilling technologies and provided simple explanations of downhole drilling tools. This event provided an excellent platform for learning, networking, and collaboration. 

    KFUPM Student Chapter organizes movie night & celebrates new officers at dinner 

    The IADC Student Chapter at the King Fahd University of Petroleum & Minerals (KFUPM) recently hosted a special screening of Deepwater Horizon, providing an opportunity for students and professionals to reflect on one of the most pivotal events in oil & gas history. The movie sparked insightful discussions on industry challenges, safety protocols, and the human element in oilfield operations. The interactive quiz that followed added a competitive edge. 

    On a separate occasion, the Chapter gathered over dinner to celebrate the incoming officers. According to the Chapter, “It was a fantastic opportunity to strengthen bonds and discuss the exciting future of our chapter. The evening’s discussions revolved around our strategic plans, upcoming initiatives, and exploring innovative ways to improve and expand our impact. We are eager to see the collective effort of our new officers come to life as we continue to grow together.” 

    About IADC Student Chapters 

    IADC’s Student Chapter program was started in 2017 when the need for a formal vehicle for engaging with the next generation of young professionals was identified. At that time, students were also expressing a desire for opportunities to engage with the drilling industry while still in school. The IADC Student Chapter program serves as a supplement to the academic aspect provided by the universities. The Chapters provide unique opportunities for students to learn about the practical side of the industry and their future professions. These opportunities generally consist of attending conferences, rig tours, and other industry events.

    MIL OSI Global Banks

  • MIL-OSI United Kingdom: Securing Cyberspace: Minister Doughty speech

    Source: United Kingdom – Executive Government & Departments

    Minister Doughty outlined the UK’s commitment to responsible behaviour in cyberspace in a keynote speech at RUSI’s Securing Cyberspace Conference.

    Thank you very much for traveling from near and far. 

    It’s a real pleasure. We’ve got so many leading lights in government, industry, law enforcement, academia and civil society here in one room.  

    And I’m very grateful to RUSI for bringing this together as they so often do.  

    This is a very welcome opportunity to reflect on an important mission for the new government that I’m proud to serve in, and that is, of course, enhancing cyber security and promoting responsible behaviour in cyberspace. 

    You in this room are all of our vital and valid partners in this. 

    And everyone here today has a role to play in shaping the future agenda, bringing diverse perspectives, specialist knowledge and deep expertise. 

    So thank you once again. 

    And I really hope that this conference, which we’ve been proud to support, helps you forge fresh connections and find new ways to collaborate.  

    And we cannot meet at a more pivotal moment in world history – a moment of the most extraordinary change, of risk, and of opportunity. 

    Because from our banks to our electricity grid, from our defence to our hospitals, the online cyber world underpins every aspect of our society. 

    And with every day that passes, we of course, rely on it more for our prosperity and our security. 

    But you hardly need to be told that this brave new world has a dark side -and the years to come will see us walking dangerous and difficult complex paths. 

    And I just reflect in my own life, I got my first email address when I was only 15 or 16 years old.  

    I went to an international school in Canada. It was quite a big chance to connect with some of my classmates from across the world, but my parents were still not used to the system. They were printing out my emails when I sent them home, kept them all in a folder as a physical copy and presented them to me.  

    But today, of course, we’re in that world shaped by Al and quantum, by ever evolving threats and opportunities.  

    And of course, we know that state actors, criminals and others who want to harm us are fighting hard for their share of this space which knows no borders.  

    Those are the threats, but we also have huge opportunities and the question, of course, for all of us is how we embrace the opportunities that cyber brings in every aspect whilst addressing those key challenges. 

    And so I’m grateful for the chance to share some perspectives with you today.  

    I wanted to start by saying that since taking office in July, growth and security have been among the government’s very top priorities and they will remain that way.  

    In a world where we all live and work online, investing in cyber security and promoting responsible behaviour is an essential part of this mission, because fundamentally, and you will all know this, there is no national security, no economic security without cyber security. 

    We cannot fulfil our growth Mission as a government without cyber resilient businesses and supply chains, a Cyber aware workforce and society. 

    And of course, all of those underpinned by strong technical and skills expertise in the cyber sector. 

    This is true for all of us, investing in that security and promoting responsible behaviour has to be a collective endeavour. 

    I wanted to highlight today and reflect on three key themes that will guide our approach as a new government. 

    The first of those is that partnerships are vital for success. 

    When Alan Turing and the codebreakers in Bletchley Park – I have visited and I’m sure many of the you in this room have – they, of course, cracked that Enigma Cipher during the Second World War, sharing those insights with our allies saved countless lives and hastened the end of the war. 

    But of course, today, the world faces a whole new set of threats. 

    Spyware, ransomware, espionage, information manipulation and other forms of interference are causing untold losses and distress to our security and to our economic security.  

    The World Economic Forum estimates that the global cost of cybercrime will reach 24 trillion US dollars by 2027, that’s up from an almost eyewatering 8 trillion in 2022.  

    In the online world, the stakes are higher than ever, and the gloves are well and truly off.  

    So it’s only through solid, respectful, mutual, beneficial partnerships that we can fight back, overcome the challenges we face, and make the most of important opportunities for all our people. 

    It’s a pleasure to see friends from across the diplomatic audience today as well, ready to solve these problems working together with partners and allies across the world.  

    That’s why, from Day One, this new Government has focused on connecting Britain and strengthening relationships with countries around the world, from the Euro-Atlantic to the Global South. 

    That means enhancing our relationships with the EU and our European friends to forge closer cooperation spanning the whole range of issues, including military, economic and cyber, our unshakeable commitment to NATO, the bedrock of our defence. 

    And here I will point out that the UK is playing a leading role in work to deter and respond to cyber threats.  

    And later this year, we will of course host the NATO Cyber Defence conference to galvanize those efforts.  

    We’re also collaborating with many individual countries and partners, for example, in the Western Balkans, a region I’m privileged to know well from many visits.  

    Indeed, in Opposition, I met with young cyber experts in Pristina and discussed their careers, their prospects, and how we can work together as partners.  

    We’re, of course, working together with governments right across the world to bolster defence and counteract threats.  

    And just last month, I was in Moldova where I discussed these issues and partnerships at the Ministry of Defence in Chișinău. 

    And turning to the wider world, particularly our important partnerships in the Global South, our work with Interpol in Africa, across the Indo-Pacific and indeed, Latin America, tackling cybercrime, building closer cross-border partnerships.  

    In Africa, this partnership has helped to smash 20,000 criminal networks and seize illegal funds worth more than 40 million US dollars.  

    Last year, Interpol coordination with cybercrime units in Nigeria, Benin, Cote d’Ivoire saw 300 suspects arrested, 3 million US dollars’ worth of assets ceased and multiple criminal networks dismantled.  

    In the months and years ahead, the UK will continue to play our role at Interpol, an organisation which of course is at the sharp end of the increasingly borderless world of global crime.  

    Secondly, I want to talk about responsible cyber behaviour. 

    In all of our collaborations around the world, we remain committed to the United Nations Framework for Responsible State Behaviour in the use of Information Communication Technologies, but will be guided by our principles when it comes to ensuring safe and responsible use of cyber capabilities. 

    That’s the second important theme of our work overall, and the topic I know you’ll be discussing in detail at this conference, thanks again to RUSI for putting together such a strong and relevant agenda.  

    But for now, I will simply say that for the UK, this is about staying at the forefront of science and technology so we can understand threats and respond appropriately, and helping others do the same. 

    For example, supporting cyber security nonprofit organisations like Shadowserver to share threat data.  

    It’s also about transparency, which is so vital to facilitate cooperation, build trust and reduce the possibility of misinterpretation and escalation.  

    It’s also about inclusion, for example, by bringing stakeholders, including many of you in this room with all their expertise into that global cyber security discussion. A topic I will return to shortly. 

    But it’s also importantly about promoting accountability, because while we here in this room are united in our support for responsible behaviour, we know that not everybody plays by those rules. 

    Sometimes we will need to take firm action, and the UK will continue our important work with partners to hold criminals and others to account.  

    International cooperation is central, as demonstrated in August, when, after significant efforts by many of those in this room, here today, UN member states finalized a new draft Cybercrime Convention.  

    Many of us, of course, have the tools to take domestic action in this area too. 

    Just last week, on 1 October, alongside the United States and Australia, this country sanctioned 16 members of the Russian cybercrime gang, Evil Corp.  

    This group, which truly lives up to its name, has waged a campaign of destructive attacks worldwide for over a decade.  

    They include malware and ransomware attacks against UK health, government and public sector institutions as well as commercial technology companies.  

    Those sanctioned are now subject to asset freezes and travel bans.  

    Alongside our allies, we will continue to crack down on malicious activity and call out criminals like Evil Corp, who seek to underline our prosperity and security.  

    Thirdly, I wanted to stress the importance of a whole of society approach.  

    And as a Member of Parliament, I see how cybercrime, these challenges affect the lives of my constituents on a daily basis, whether it’s in fraud, whether it’s in terrorism, recruitment of individuals. I’ve seen these aspects in the lives of my constituents over the last five years. 

    As this conference demonstrates, we’re taking every opportunity to bring a wide range of expert stakeholders into our work. Because cyber is not, of course, as you all know, just about the technology, it’s about the people who interact with it, people who come from all spheres of society and all parts of the globe 

    That includes those outside the realm of Government, who have huge pools of talent, expertise, innovation and enthusiasm to bring to the table.  

    And we have to make that advantage count through a whole of society approach to cyber. So this government is absolutely committed to work hand in glove with our partners in industry, in the development sector, in academia, in the not-for-profit sector and beyond.  

    And we’ve got an impressive story already to tell here and want to do even more on. Let me just reflect on a few examples. 

    Firstly, as Putin continues to wage an illegal war in Ukraine, we are working with Mandiant, Palo Alto Networks, CloudFlare, BAE systems, along with the government in Kyiv to bolster Ukraine’s resilience to Russian cyber attacks.  

    We’re drawing on world leading expertise from across the public and private sectors to protect Ukraine’s critical infrastructure and vital public services 

    But our partnerships with industry leaders are not just about addressing threats.  

    As the third largest exporter of cyber security services globally, there’s no doubting how important this sector is to our own economy, indeed to all of our economies, we need to stay ahead of the game when it comes to innovation, and as I’ve said, we have huge talent to draw on.  

    We will work with industry to make the most of the opportunities for British businesses, boosting prosperity and sharing our expertise with the world.  

    We’re leading the efforts through our National Cyber Security Centre to test ideas, enhance understanding and to engage with talented individuals from the private sector to shape our approach.  

    Of course, companies also have a crucial role to play in setting out responsible values and principles for their work. We know this is not a straightforward process. 

    So we will work with partners to find solutions to problems like the unregulated market for spyware that’s being used to target journalists and other civil society communities across the globe, violating human rights and ultimately undermining our free and open societies.  

    We’re bringing people together through the Pall Mall process – from states, industry and civil society to tackle the misuse of commercial spyware and other tools.  

    And besides those efforts to turbocharge our economy and shape the rules of the game, we want to work hard to level the playing field for people. 

    We want to be seeing cyber as an inclusive space where everyone can fulfil their potential. 

    That’s why we’re supporting schemes like the Caribbean Experts Fellowship – part of our wide-ranging work with the Commonwealth.  

    That scheme is going to support the brightest minds from across the region to shape the safe and prosperous cyberspace through academic research, opportunities, networking and more.  

    We’re also committed to close the gender gap in cyber because fundamentally, no country can achieve its full potential if it underuses 50% of its resources and talents.  

    And indeed, yesterday, on Ada Lovelace Day, the world celebrated the achievements of women in science, technology, engineering and mathematics, and I want us to celebrate those achievements every day and create fresh opportunities for women in every area of this work.  

    The UK already has some great projects around the world helping smooth the path for a new generation of female cyber experts to make their mark on this world – from our ‘Her Cyber’ project in Albania, which reaches out to girls at an early age through after school clubs and running right through to university level support, to our UN Women in Cyber Fellowship, which is sponsored with partners including Canada, US and Germany, to encourage greater female representation in negotiations in the UN First Committee.  

    So, I’ve gone through three key themes today. I hope they give you some insights to our thinking and direction of travel, as a new government.  

    But to conclude, we are living in a world, as I said at the beginning, that was unimaginable just a few decades ago.  

    It’s a world that’s ripe with opportunity when it comes to cyber, but of course, laden with challenge. 

    I’ve been glad of the opportunity today to be able to set out some of the ways in which the government will make the most of those opportunities, together with you, while meeting challenges head on through partnerships spanning the globe, demonstrating what a responsible approach looks like, and collaborating with those outside the government who have so much to bring to these efforts. 

    That’s how we can ultimately keep our citizens safe, help our economies to flourish, protect our security and stand up for our values.  

    So once again, I want to welcome you all here today to add my support to your efforts today to discuss these important issues, and to give our commitment as a new government to work with all of you as we develop our capabilities to respond to those threats and opportunities in the future.  

    Thank you very much.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Economics: Samsung Chennai Plant Strengthens Bond with Workers and Families Through a Cultural Celebration

    Source: Samsung

    “Our workforce is the backbone of our success”
     
    In a heartwarming event, the Samsung Sriperumbudur plant near Chennai, celebrated Family Day with the workers’ families.
     
    The occasion brought together the entire Samsung workforce and their loved ones in an expression of unity. With a full day of festivities planned, the event was an unforgettable showcase of Samsung’s commitment to its people and the rich cultural diversity that defines its workplace.
     
    “Our workforce is the backbone of our success, and today, we celebrate not just our workers, but their families as well. The strength of Samsung lies in the strong bond we share with each other, and days like these remind us that we are not just a company but a family,” said SH Yoon, Managing Director, Samsung Chennai Plant, expressing his heartfelt appreciation in his welcome speech.
     
    The day kicked off with a spirited Chenda Melam performance, a traditional percussion ensemble from Kerala, setting the tone with its powerful, rhythmic beats. As the resonant sound of the chenda drums filled the air, workers and their families were greeted with refreshments, laying the groundwork for a day that blended work and family in a meaningful celebration.
     
    One of the highlights of the day was a surprise video where families welcomed the workers, creating emotional moments for many. Balamuni, the wife of a long-time factory employee, said, “This day made us feel like we are part of the Samsung family. My husband always speaks about how much he values working here, and we got to see firsthand the sense of community that exists within the company. The factory tour was especially exciting for the children—seeing where their father works filled them with pride.”
     
    Families were treated to a guided tour of the factory, offering a glimpse into the state-of-the-art facilities where their loved ones work each day. The tour, followed by a lunch gathering, fostered conversations between families, workers, and management, further deepening the sense of camaraderie.
     
    The event also featured two liv& ely photo booth sessions, ensuring that everyone took home memories of the day. In the second half of the day, a fun fashion show took center stage, with workers and their families showcasing their creativity. As cheers echoed through the plant, the joy and energy were palpable.
     
    Divakar, Operator, PBA & SMD at plant, shared his thoughts: “The Family Day event made us feel valued. It’s not every day that our families get to understand what we do and see where we spend most of our time. Today, they got to experience a part of our lives that is usually separate, and that means a lot to me.”
     
    The day concluded with prize distribution, group photos, and a lucky draw, but the lasting takeaway was Samsung’s commitment to fostering a sense of belonging and pride within its workforce.
    The event was a testament to Samsung’s people-centric culture, where employees and their families are placed at the heart of the company’s success.

    MIL OSI Economics

  • MIL-OSI USA: Durbin Joins Chicago Cred To Announce Federal Funding To Prevent Gun Violence

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    10.08.24
    CHICAGO  ?  Today, U.S. Senator Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, joined Chicago CRED and its founder Arne Duncan, former U.S. Secretary of Education, to announce nearly $4 million in new federal funding CRED will be receiving through the U.S. Department of Justice for a Community Violence Intervention project to reduce gun violence.
    Chicago CRED will use this federal funding to expand the capacity of community-based organizations that provide community violence intervention (CVI) services in 22 neighborhoods across Chicago that have the highest rates of gun violence. Chicago CRED plans to develop a comprehensive curriculum tailored to each organization designed to strengthen their organizational, programmatic, and operational capacity.
    “Across the country, gun violence is the leading cause of death for children. Here in Chicago, we know the pain too well,” said Durbin. “But with the right support, we can help young people cope with these traumatic experiences and thrive. This federal funding will enable Chicago CRED to advance their community efforts to break the cycle of violence through mental health services and job training programs.”
    “We are very grateful to our partners at the federal level for recognizing the importance of community violence intervention and for supporting our work. This funding will help serve more people at risk and, ultimately, help save lives,” said Arne Duncan, Chicago CRED founder.
    Durbin has led efforts in Congress to combat gun violence. Durbin was a strong supporter of the Bipartisan Safer Communities Act (BSCA), which cracks down on straw purchasing, expands background checks for buyers under 21 years of age, takes steps to close the “boyfriend loophole,” supports state red flag laws, and offers billions in funding for counseling, mental health, and trauma support for victims of gun violence.
    While the bipartisan legislation was a starting point for gun reform, Durbin is a staunch advocate for the Assault Weapons Ban and additional gun safety measures. Since BSCA was signed into law, Durbin held a full committee hearing on public safety and gun safety laws in a post-Bruen America; filed an amicus brief in opposition to legal challenges in U.S. v. Rahimi, in which the Supreme Court ultimately ruled to uphold a ban on firearm possession for domestic violence offenders; condemned the Supreme Court decision in Garland v. Cargill, which ruled a bump stock does not convert a rifle into a machine gun; and introduced legislation to curb firearms trafficking enabled by weak American gun laws, among other efforts.
    Durbin has introduced bipartisan legislation to increase support for children who have been exposed to Adverse Childhood Experiences (ACEs) and trauma, including witnessing community violence, parental addiction, or abuse. The Resilience Investment, Support, and Expansion (RISE) from Trauma Act dramatically increases funding for community-based efforts to prevent and mitigate the impact of trauma, and it expands training and workforce development efforts to support health care, education, social services, first responders, and community leaders to foster resilience and deliver services to heal the impact of trauma.
    -30-

    MIL OSI USA News

  • MIL-OSI Video: Session 2: Monetary policy, credit and banking

    Source: European Central Bank (video statements)

    Session 2
    Monetary policy, credit and banking
    Chair: Carlo Altavilla, European Central Bank

    The long-run effects of monetary policy
    Òscar Jordà*, University of California, Davis
    Co-Authors: Sanjay R. Singh and Alan M. Taylor

    Discussant: Margherita Bottero, Banca d’ Italia

    Collateral Heterogeneity and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms
    Şebnem Kalemli-Özcan*, Brown University
    Co-Authors: Cecilia R. Caglio and R. Matthew Darst

    Discussant: Katharina Bergant, International Monetary Fund

    https://www.youtube.com/watch?v=eHuKZOwOH-k

    MIL OSI Video

  • MIL-OSI Video: Session 1: Monetary policy and financial markets

    Source: European Central Bank (video statements)

    Session 1
    Monetary policy and financial markets
    Chair: Wolfgang Lemke, European Central Bank

    Bond Market Views of the Fed
    Luigi Bocola*, Stanford University
    Co-Authors: Alessandro Dovis, Kasper Jørgensen and Rishabh Kirpalani

    Discussant: Klodiana Istrefi, Banque de France

    Deciphering Monetary Policy Shocks
    Christian Wagner*, WU Vienna University of Economics and Business
    Co-Authors: Phillipp Gnan, Maximilian Schleritzko and Maik Schmeling

    Discussant: Fabian Schupp, European Central Bank

    https://www.youtube.com/watch?v=9C63Zfcfv20

    MIL OSI Video

  • MIL-OSI Video: Session 4: Monetary policy and inflation and concluding remarks

    Source: European Central Bank (video statements)

    Session 4
    Monetary policy and inflation
    Chair: Sujit Kapadia, European Central Bank

    Leaning against inflation experiences
    Stefan Nagel*, Chicago Booth

    Discussant: Falk Mazelis, European Central Bank

    Monetary Communication Rules
    Amy Handlan*, Brown University
    Co-Author: Laura Gáti, European Central Bank

    Discussant: Alexandre Kohlhas, University of Oxford

    Concluding remarks and end of conference

    https://www.youtube.com/watch?v=DGFOlRwBB0Y

    MIL OSI Video

  • MIL-OSI Video: Welcome address by Massimo Rostagno and Keynote speech by Philip R. Lane

    Source: European Central Bank (video statements)

    Welcome address
    Massimo Rostagno, European Central Bank

    Keynote speech: The Transmission of Monetary Policy
    Philip R. Lane, Member of the Executive Board of the ECB

    https://www.youtube.com/watch?v=tBWFSh5tXNo

    MIL OSI Video

  • MIL-OSI Video: Session 3: Young Economists and Closing remarks and end of day 1

    Source: European Central Bank (video statements)

    Session 3
    Young Economists
    Chair: Roberto Motto, European Central Bank

    The fintech lending channel of monetary policy
    Lavinia Franco*, Bayes Business School

    Nonlinearities of Monetary Policy across States of Price Rigidity
    Pascal Seiler*, ETH Zurich, KOF Swiss Economic Institute

    Financial Intermediation and Aggregate Demand: A Sufficient Statistics Approach
    Piotr Zoch*, University of Warsaw

    Closing remarks and end of day 1

    https://www.youtube.com/watch?v=Hq9XZ6F34As

    MIL OSI Video

  • MIL-OSI Security: Eden Prairie Woman Sentenced to Prison for Embezzling More Than $1 Million From Employer

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    MINNEAPOLIS – An Eden Prairie woman has been sentenced to 24 months in prison, two years of supervised release, and was ordered to pay $1,137,404 in restitution for embezzling more than $1 million from her employer, announced U.S. Attorney Andrew M. Luger.

    According to court documents, Monica Svobodny, 52, worked as the Supply Chain and Engineering Manager at a furniture manufacturing company located in Edina, Minnesota. Svobodny used her managerial position to embezzle funds and convert them to her own use and benefit. Svobodny regularly used company credit cards for unauthorized personal expenses such as designer clothing, spa services, and luxury hotel stays. To cover her fraud, she left unapproved credit card expenses as “pending” for accounting purposes. On more than 300 occasions, she used company cards to transfer funds to herself via PayPal to cover personal expenses. Svobodny also edited PayPal transaction receipts and fraudulently listed some of the expenses as payments to a defunct company.

    In total, Svobodny knowingly and willfully embezzled more than $1,137,000 over a period of seven years.

    On April 10, 2024, Svobodny pleaded guilty in U.S. District Court to one count of wire fraud. She was sentenced yesterday in U.S. District Court by Judge Ann D. Montgomery.

    This case is the result of an investigation conducted by the Edina Police Department with assistance from the FBI.

    Assistant U.S. Attorney Rebecca E. Kline prosecuted the case.

    MIL Security OSI

  • MIL-OSI Security: Drug Trafficker Sentenced to 46 Months in Prison for Fentanyl Distribution and Money Laundering

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Second Defendant Sentenced to 16 Months in Prison for Laundering Drug Proceeds Disguised As International Wire Transfers

    OAKLAND – Christian Grajeda-Varela, a Honduran national who pleaded guilty to fentanyl trafficking and money laundering, was sentenced to 46 months in federal prison.  The sentence was handed down by the Hon. Haywood S. Gilliam, Jr., United States District Judge.

    Grajeda-Varela, 25, was charged by indictment on Aug. 2, 2023, and superseding information on July 15, 2024.  He pleaded guilty on July 17, 2024 to distribution of 40 grams or more of fentanyl and to conspiracy to launder monetary instruments.

    In his plea agreement, Grajeda-Varela admitted that he sold roughly 1.5 pounds of fentanyl in July 2023 to a drug dealer in the Tenderloin neighborhood of San Francisco.  Upon a search of his Oakland residence, federal agents found 109 grams of fentanyl, over six pounds of mannitol (a common mixing agent used to cut or dilute fentanyl), cocaine base, cocaine, and heroin.  Agents also found a kilogram press, cutting boards, and tools to cut drugs, supplies that Grajeda-Varela admitted using to dilute and assist with the distribution of drugs.

    As described in court documents, multiple WhatsApp messages were found on Grajeda-Varela’s phone containing international wire transfer receipts sent from America Latina, a money service business in Oakland.  Grajeda-Varela admitted that, between March and August 2022, he agreed with someone he suspected was involved in the drug trade to commit money laundering by bringing large amounts of cash to America Latina.  Specifically, Grajeda-Varela brought over $235,000 in cash to America Latina for the business to wire to recipients in Mexico and Honduras in the form of roughly 125 international wires.  According to the plea agreement, each of these international wires was structured and transmitted in an amount below $3,000 to avoid mandatory customer information reporting requirements under federal law.

    Grajeda-Varela admitted that he exchanged WhatsApp messages with a woman named “Griselda” who generally accepted the bulk cash he brought in and conducted the international wires for him at America Latina, and that receipts for wires America Latina sent between March and August 2022 were found on his phone as well as on the phone of Griselda Cancelada Liceaga, who owned America Latina.

    Grajeda-Varela further admitted that he knew that the owners of America Latina were structuring the bulk cash into wires of less than $3,000 each that were sent under the names of uninvolved persons to make it appear that each wire was an unrelated family/friend remittance.

    In a separately charged case, Griselda Cancelada Liceaga, 45, of Oakland, was sentenced to 16 months in federal prison.  Liceaga’s sentence was handed down by the Hon. Jeffrey S. White, Senior United States District Judge.

    Liceaga was charged by criminal complaint on Aug. 30, 2022, and pleaded guilty to money laundering conspiracy on May 28, 2024.  According to her plea agreement, while at her money service business America Latina, Liceaga sent multiple international wire receipts via WhatsApp between March and August 2022 to an individual arrested and prosecuted for drug trafficking.  She further admitted to using the names of unrelated persons as the wire senders and did so with the intent to evade the $3,000 transaction reporting requirement under federal law.

    According to her plea agreement, Liceaga was familiar with the reporting requirement because she had received anti-money laundering training from the national wire service companies whose wire services she used.  Liceaga further admitted that prior to opening America Latina, she had worked at another Oakland money service business, Rincon Musical, where she and her co-workers agreed to structure large cash amounts into wire transactions that were each less than $3,000 that they sent out under the names of unrelated persons.

    “We are committed to working with our law enforcement partners to use all tools at our disposal to combat the drug trade in the Northern District of California and beyond,” said United States Attorney Ismail J. Ramsey. “Along with drug traffickers, individuals who engage in and enable the laundering of drug proceeds will be held accountable.”

    “Dismantling the profitability of deadly drug trafficking in our communities makes our streets safer and is a core capability of IRS-CI Special Agents. These sentencings highlight the effectiveness of Organized Crime Drug Enforcement Task Force investigations and the relentlessness in which we pursue those perpetuating the lethal drug epidemic,” said IRS Criminal Investigation (IRS-CI) Oakland Field Office Acting Special Agent in Charge Michael Mosley. “Our Special Agents follow the money. When the money leads us to transnational criminal organizations, we build cases that take those criminals off the streets and puts them behind bars.”

    “This decisive action, taken in collaboration with our law enforcement partners, disrupts the flow of dangerous drugs and eliminates the financial networks that make this crime possible,” said Federal Bureau of Investigation (FBI) Special Agent in Charge Robert Tripp.  “Those who choose to profit from poisoning our communities and endanger public safety will be held accountable. We remain resolute in our mission to dismantle these threats and ensure that justice is served.”

    “The cartels would be out of business without drug distributors and money launderers. Christian Grajeda-Varela and Griselda Cancelada Liceaga blatantly violated the law to line their pockets with ill-gotten gains,” said Drug Enforcement Administration (DEA) Special Agent in Charge Bob P. Beris. “We will be relentless in our pursuit of those who put poison in our community and skirt the law by structuring payments of drug proceeds.”

    The announcements were made by United States Attorney Ismail J. Ramsey, IRS-CI Oakland Field Office Acting Special Agent in Charge Michael Mosley, FBI Special Agent in Charge Robert Tripp, and DEA Special Agent in Charge Bob P. Beris.

    These prosecutions are part of Organized Crime Drug Enforcement Task Force (OCDETF) investigations. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    Assistant United States Attorneys Charles Bisesto and Daniel Pastor prosecuted these cases with assistance from Amanda Martinez and Andy Ding. The prosecution of Grajeda-Varela is the result of an investigation by the FBI and IRS-CI with assistance from the DEA and the Concord Police Department.  The prosecution of Cancelada Liceaga is the result of an investigation by IRS-CI and DEA with assistance from the Oakland Police Department.
     

    MIL Security OSI

  • MIL-OSI Europe: The EBA publishes Guidelines on redemption plans under the Markets in Crypto-Assets Regulation

    Source: European Banking Authority

    The European Banking Authority (EBA) today published its final Guidelines on the orderly redemption of token holders in case of crisis of the issuer. The Guidelines, which are addressed to competent authorities designated under the Markets in Crypto-Assets Regulation (MiCAR), cover issuers of asset-referenced tokens (ARTs) and of e-money tokens (EMTs).

    The Guidelines specify the content of the redemption plan to be developed by issuers of ARTs and EMTs in going concern, including the liquidation strategies of the reserve of assets, the mapping of critical activities, the content of the redemption claims, the main steps of the redemption process, and the elements that may lead to the trigger of the plan by the competent authority.

    Considering the feedback received during the public consultation, a few targeted amendments have been made to streamline the wording and provide further clarity on some specific aspects. For instance, some clarifications allow for flexibility so that the guidance addressed to issuers of ARTs relating to the liquidation of the reserve of assets can be used, to some extent, also by issuers of EMTs.

    Legal basis and next steps

    The Guidelines on redemption plans have been developed according to Article 47(5) of MiCAR. By virtue of the cross-reference set out in Article 55 MiCAR, the Guidelines also cover issuers of e-money tokens, as applicable. 

    MIL OSI Europe News

  • MIL-OSI Video: WTO Government Procurement Agreement

    Source: World Trade Organization – WTO (video statements)

    10 years ago, the revised Government Procurement Agreement entered into force.

    The GPA helps participating governments to get better value for money and their companies access opportunities in public contracts.

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=G2YHUzZ2DOQ

    MIL OSI Video

  • MIL-OSI Canada: Supporting Critical Minerals Development in Northern Ontario 

    Source: Government of Canada News

    News release

    October 9, 2024                                         Sudbury, Ontario                       Natural Resources Canada

    The Government of Canada is working to seize the generational opportunity presented by critical minerals while ensuring that Indigenous Peoples and communities share in those benefits. Canada is well positioned to be a global leader and first-class producer of a wide variety of critical minerals that are essential to power the clean economy — including nickel and copper — and, in turn, create good jobs and support economic opportunities across critical mineral value chains — from mining to processing, manufacturing and recycling.

    Today, the Honourable Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources, announced funding to support the further development of critical minerals in Sudbury and the surrounding region.

    Minister Wilkinson announced up to $8.4 million in conditionally approved funding provided through the Critical Minerals Infrastructure Fund (CMIF), pending final due diligence from Natural Resources Canada, for five critical mineral infrastructure development projects in the Sudbury and Timmins regions. This investment would include:

    • Up to $6.8 million for the Crawford Nickel Sulphide Project to inform the mine’s electrification and connection to the Ontario electricity grid. This includes:
      • Up to $2.4 million for Transmission Infrastructure Partnerships 1 Limited to advance a transmission line connecting the Crawford Nickel Sulphide Project to the Ontario power grid.
      • Up to $4.4 million for Canada Nickel Company Ltd. to conduct studies to inform the Crawford Nickel Sulphide Project’s electrification plan. When in production, the Project is expected to create over 1,500 high-paying jobs, according to Canada Nickel, and its electrification will reduce greenhouse gas emissions by 60 percent compared with diesel-powered operations. 
    • Up to $1.6 million for Magna Mining Inc. to support pre-construction activities to help power the Shakespeare and Crean Hill mines with clean electricity and connect the Shakespeare mine to the Ontario highway system. These mines will produce nickel and copper and help meet demand for these critical minerals as demand for use in clean technologies increases. The Crean Hill project is restarting an existing mine to meet this demand.

    Also, with $2.7 million from Natural Resources Canada, Giyak Mishkawzid Shkagmikwe Inc. (GMS) and Taighwenini Technical Services Corporation (TTS), the economic development corporations of Atikameksheng Anishnawbek and Wahnapitae First Nation respectively, will purchase two production mining drills. These drills will be leased out to support First Nations training opportunities, wealth generation and participation in the clean economy. This purchase will help Indigenous partners participate in the revitalization at Vale’s Stobie mine, which is a nearly $1-billion joint project of Vale, Thiess, United Steel Workers and local First Nations, to produce more nickel and copper. The historic Stobie Pit, which ceased operations in 2017 after 100 years, will be restarted to continue providing good jobs for the people of Sudbury, and production is expected to ramp up in the coming years.

    Minister Wilkinson made the announcement while visiting the Vale Stobie mine site in Sudbury. The Minister was in Sudbury to participate in the Conference of Mining Regions and Cities hosted by the Organisation for Economic Cooperation and Development.

    Critical minerals are essential components in products used for clean energy technologies such as electric vehicles, electrical transmission lines and batteries. Canada’s mining sector provides many of the building blocks of clean technologies, including nickel and copper, needed to fight climate change and build a clean economy.

    Across the country, clean energy solutions are providing enormous economic opportunity for Canada. The critical mineral sector is already highly valuable to our economy. In 2022, the minerals and metals sector directly employed 420,000 people and contributed $109 billion of Canada’s total gross domestic product (GDP). Since 2020, automotive and battery manufacturers have announced investments of over $40 billion in electric vehicle production and the battery supply chain. With government support and with demand for critical minerals expected to double by 2024, these sectors will only grow. Today’s investments in mining and critical minerals will help deliver jobs and economic opportunities for Northern Ontario, along with Indigenous partners and communities.  

    Quotes

    “Today’s investments are about fostering Northern Ontario’s mining expertise to create more jobs and drive economic growth.  It is our priority that Indigenous partners have a part to play in the development of natural resources on our way to a clean energy future. The mining industry is one of the top employers for Indigenous communities across Canada, and we want to continue to encourage collaboration between mining and Indigenous communities.”

    The Honourable Jonathan Wilkinson

    Minister of Energy and Natural Resources

    “Canada is a mining nation and a leader in sustainable resource management. In Northern Ontario, particularly in Nickel Belt, our strong environmental, social and governance standards will be crucial as demand for critical minerals rises. By partnering with Indigenous communities and local mining partners, we ensure responsible sourcing of essential materials while protecting our planet and economy.”

    Marc G. Serré, MP for Nickel Belt, Parliamentary Secretary to the Minister of Energy and Natural Resources and Parliamentary Secretary to the Minister of Official Languages

    “Investing in critical minerals in Northern Ontario is vital for both our economic prosperity and future sustainability. Investing in our Indigenous communities is also fundamental to ensuring economic reconciliation. Northern Ontario has the key ingredients and partners to transition to a clean economy, and we know the right support is needed. These investments demonstrate our government’s commitment to supporting Indigenous communities and the mining and mining supply industry.” 

    Viviane Lapointe

    Member of Parliament, Sudbury

    “With our traditional territories spanning one of Canada’s key mining basins, it is critical that we take an active role in local mining activities. By owning and renting these drills, our communities will reap significant benefits, both economically and through the creation of meaningful employment opportunities.”

    Craig Nootchtai

    Gimaa (Chief), Atikameksheng Anishnawbek.

    “This marks the beginning of an exciting new venture for us. I believe this is a great example of how we, as First Nation communities, can support mining on our traditional territories when it is carried out in a way that respects and strengthens Indigenous Peoples, as well as our culture and history.”

    Larry Roque

    Chief, Wahnapitae First Nation

    “Canada Nickel is pleased to receive this contribution from the Government of Canada for the development of our clean energy infrastructure. With the CMIF’s support and meaningful Indigenous partnerships, Canada Nickel can integrate low-carbon grid power as we advance our Crawford Nickel Sulphide Project toward construction. Our flagship Project, anticipated to be Canada’s largest nickel mine, is expected to contribute a significant amount of nickel, cobalt and chromium to advance the Canadian Critical Minerals Strategy. Together, we are contributing to a future where resource development aligns with environmental stewardship and reconciliation.”

    Mark Selby

    CEO, Canada Nickel Company

    “These proposed investments from the Critical Minerals Infrastructure Fund will make a significant contribution toward the success of Magna Mining’s Crean Hill and Shakespeare Projects in Sudbury. We expect that these projects will benefit many stakeholders in the Sudbury region over the coming years, including the Indigenous communities and Indigenous-owned businesses that will play key roles in the development of these mines. We look forward to continued collaboration with the Government of Canada as we bring multiple new critical mineral mines into production in Sudbury.”

    Paul Fowler

    Senior Vice President, Magna Mining Inc.

    Quick facts

    • Stainless steel is the largest end use for nickel, accounting for just under two-thirds of total consumption. Nickel is used as an alloying agent in the manufacture of both metal products that contain iron and those that do not. It is also used in electroplating, in which a thin layer of nickel is coated onto a metal object as a decorative feature or to provide resistance to corrosion and wear. While nickel is well known as a component in the manufacture of nickel-cadmium batteries, an important evolving use is in production of lithium-ion batteries for EVs.

    • In 2022, Canada produced 143,266 tonnes of nickel in concentrate. Ontario produced 50 percent of Canada’s mined nickel.

    • Ontario-based Electra Battery Materials is developing a cobalt and nickel sulfate production plant and a lithium-ion battery recycling plant north of Toronto.

    • The mining industry is the top private-sector industrial employer for Indigenous people in Canada.

    • Canada has developed its own critical minerals strategy with the aim of advancing the development of these resources and related value chains to drive the transition to a low-carbon economy and support advanced technology and manufacturing.

    • The Canadian Critical Minerals Strategy addresses five core objectives:

      o   supporting economic growth, competitiveness and job creation;

      o   promoting climate action and strong environmental management;

      o   enhancing global security and partnerships with allies;

      o   advancing reconciliation with Indigenous peoples; and

      o   fostering diverse and inclusive workforces and communities.

    • Canada’s whole-of-government approach to critical mineral development is collaborative, forward-looking, iterative, adaptive and long-term. The initiatives presented in the Strategy will be implemented and refined in collaboration with provincial, territorial, Indigenous, industry and other Canadian and international partners.

    • Budget 2022 allocated $100 million over five years starting in 2022–23, to renew and expand the Indigenous Partnerships Office (IPO) and the INRP Program to make it a national natural resource sector-wide program.

    • At least $25 million of the $80 million in INRP contribution funding is to be dedicated to early engagement and Indigenous communities’ capacity building to support their participation in the Critical Minerals Strategy.

    • The CMIF is a key program under the Strategy to support enabling clean energy and transportation infrastructure projects necessary to increase Canada’s supply of responsibly sourced critical minerals.

    • The CMIF supports strategic priorities such as decarbonizing industrial mining operations, strengthening supply chains through transportation infrastructure and advancing economic reconciliation by supporting the participation of Indigenous Peoples in infrastructure and critical minerals projects.

    • In addition, the federal government is helping to develop Canada’s abundant critical minerals through NRCan’s Regional Energy and Resource Tables. These regional tables are joint partnerships with individual provinces and territories — in collaboration with Indigenous partners and with the input of key stakeholders — to identify and accelerate shared economic priorities for a low-carbon future in the energy and resource sectors.

    Related products

    Associated links

    Contacts

    Natural Resources Canada
    Media Relations
    343-292-6100
    media@nrcan-rncan.gc.ca

    Cindy Caturao
    Press Secretary
    Office of the Minister of Energy and Natural Resources
    613-795-5638
    cindy.caturao@nrcan-rncan.gc.ca

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    MIL OSI Canada News

  • MIL-OSI United Kingdom: Culture Secretary sets out plans to turbocharge the economic impact of British filmmaking

    Source: United Kingdom – Executive Government & Departments

    Culture Secretary Lisa Nandy has today laid legislation in Parliament introducing a new tax relief for independent British films to boost the growth of the UK’s world class film sector.

    • Culture Secretary tells Parliament new indy film tax relief will boost jobs, growth and investment in the UK’s regions and nations
    • Move comes as Pinewood Studios announces a new Indie Production Hub
    • Nandy commits to working with new Skills England to fill the 25,000 job vacancies in the creative industries

    She also told the Commons she would be working on a creative skills pathway to improve career opportunities for young people in the film industry. It comes as Pinewood Studios announced a new hub at its Buckinghamshire site to support Britain’s indie filmmakers.  

    In a statement in the House of Commons, she said: 

    Our independent film sector has produced films like Pride, The King’s Speech and Bend it Like Beckham that shows our heritage, our communities, and our culture to the world. It acts as a springboard from the grassroots for world class UK talent both on screen and behind the scenes.

    But while major film production has flourished, smaller budget independent films have not received sufficient support over the last decade. They face multiple challenges – rising production costs, crew shortages, and declining revenues which have hampered the growth of this vital part of the sector.

    While too much of our creative industries have traditionally been concentrated in just one part of the country, independent film thrives everywhere given the chance. So this uplift will not only boost creativity but create jobs, growth and investment in every nation and region. Through this we will help the independent film sector to reach its full potential.

    In response to the tax relief, Pinewood has today announced a new Independent Film Hub at its world-famous studios in Buckinghamshire. It will offer British indie filmmakers taking advantage of the tax relief support services and access to sound stages and workshop space.

    As well as confirming the tax relief, Nandy announced that the government will work with Skills England to improve career opportunities for young people in the creative industries. She said: 

    Too often people do not see themselves and their communities reflected in the story we tell ourselves about ourselves as a nation. And we are determined that this is going to change.

    The skills shortage that has been ignored for too long acts as a brake on the ambitions of this incredible sector. That is why this Government has already launched Skills England, to bring the skills we need for a decade of national renewal for our communities, businesses and country.

    We will focus apprenticeships once more on young people, to set them up to succeed and help fill the 25,000 vacancies in the creative sector.

    The Secretary of State for Education is overhauling the apprenticeship levy in order to provide better career opportunities for young people. Building on the success of existing high quality apprenticeships in the creative industries, we will work closely with Skills England to ensure the new flexibilities announced by the Prime Minister last month offer shorter apprenticeships and improve the offer for a creative skills pathway for young people embarking on careers in the creative sector. 

    Every child should have the chance to live a richer, larger life and consider a career in the arts.

    Nandy also confirmed that yesterday the Ministry of Housing, Communities and Local Government recovered an appeal against the refusal of planning permission for Marlow Film Studios in Buckinghamshire. The planning merits of the proposal will now be reviewed by their Ministers in detail before reaching a decision.

    This evening Nandy will go on to attend the opening of the 68th London Film Festival at the BFI Southbank which is opening with the World Premiere of Blitz, the new Second World War film from one of Britain’s most successful directors, Steve McQueen.

    Today’s tax relief announcement is the latest in a series of interventions ahead of next week’s International Investment Summit to drive investment and growth, including in the creative industries.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Nature is a ‘National Wealth Service’

    Source: United Kingdom – Executive Government & Departments

    Tony Juniper speech at the launch of Natural England’s first State of Natural Capital Report

    This notion of natural capital, I think, is really quite a powerful idea. I think everybody in the room will understand the notion of financial capital and how if we look after our capital assets, we get a flow of dividends and interest long into the future.

    And of course, if we blow our capital, we go bankrupt. So it goes with natural capital and the extent to which, today confirmed by this report, we have drifted deeply into the red over the years. And this is now something which poses a source of risk. The state of natural capital very much confirms the need to grow Nature as a prerequisite for health, wealth and security. Indeed, with economic growth identified as an overriding national priority, it will be necessary to grow the natural assets needed to underpin that.

    The report gives a clear snapshot of the state of these assets, and gives us a logical baseline from which to measure growth over time. It highlights the extent to which we rely on Nature, which gives us life’s essentials of fresh water, air and food. In fact, with 90% of the world’s food reliant on just 20 species, we ignore this at our peril. Nature also provides places to relax, resources to build with, and mitigation of the climate change impacts ever more visible on the planet.

    In short, if we look after Nature, Nature will look after us, but the truth is, that we haven’t been. The web of life is in critical decline. Ninety percent of the UK’s wetlands have been lost in the modern era and over 97% of lowland semi-natural grasslands have been lost in the last century, taking with them countless birds, butterflies and bumblebees. Nature is being wiped off the face of our supposedly green and pleasant land. Yet we continue to act as if we were oblivious to the warning signs from a planet that is evidently struggling.

    Impacts like these exacerbate many of the most serious threats to society. Nature loss and climate change fuel one another, so losing wildlife and habitat helps drive changes to weather systems to unprecedented extremes, which in turn forces more species to flee their traditional ranges and for some to be wiped out altogether.

    For years, we have taken Nature for granted and taken more than it can sustainably supply. We are, in effect, running down those capital assets as we strip away Nature’s ability to provide clean water and carbon storage by degrading soils, which increases water pollution and sends harmful emissions into the atmosphere, affecting human health and adding to consumer bills. Those degraded soils and lost wetlands reduce landscapes’ ability to regulate temperature, hold water and to slow the flow of rivers, amplifying flooding downstream. Not only does this cause widespread human misery, it puts businesses and services out of action and adds considerably to insurance premiums.

    It’s interesting to note in the wake of Hurricane Helene, which smashed through the southern states of the United States a couple of weeks ago, how many of the properties there were uninsured because they were not deemed to be in areas prone to flood risk. Thereby revealing a series of not only serious economic consequences, but also social ones, and the costs of degradation can be measured not only economically but in lives lost. Almost 3000 excess deaths occurred across the UK in 2022 as a result of extreme heat and this is also seen in the impacts of agriculture with flooding causing losses to farming income in England to drop by a fifth in 2023, leading to a £1 billion blow to this country’s GDP.

    The decline of Nature is not only visible in the countryside, of course, but also in our towns and cities and villages, particularly amongst the most disadvantaged communities. Evidence gathered in the State of Natural Capital Report indicates that lower risks of sick days are associated with increased access to green and blue spaces. However, according to Natural England’s Green Infrastructure research, we see that around one in three people, 38%, do not live within 15 minutes of the green space, and they tend to be from more disadvantaged communities. The link between social and equalities and differences in health outcomes is thus strong and persistent.

    The upside of this disturbing picture is that we can work together across society to recover Nature and unlock solutions to these pressing challenges For that to happen, information regarding the value we all derive from Nature needs to be put into the hands of those who decide on actions that shape our country at both national and local levels, and that’s where this research comes in.

    It gives decision makers a vivid picture of these close dependencies between the social well-being and economic resilience and the ecosystems which underpin those essentials of our society. Taking a natural capital approach highlights the extent to which our mountains, wetlands, sea bed, soils and rivers are just as critical to business success and community wellbeing as roads, railways and broadband.

    These natural assets add up to a national wealth service, providing a steady stream of essential goods and benefits upon which our economy and population rely. Setting them out so clearly as we’re doing today allows them to be moved out of the shadows and onto an extended balance sheet where companies can see their true value and act to protect these priceless and essential assets. This allows us to progress beyond just seeing the health of our economy and country in terms of GDP and to incorporate the health of our natural capital and its ability to sustain our economy into our understanding of the condition of our nation. It’s time we treasured this ‘National Wealth Service’ as much we do as we do the National Health Service.

    What I hope people will understand as a result of this State of Natural Capital Report is that Nature isn’t some rather quaint, distant notion that inevitably gets trampled by progress, or occasionally holds it up. Nature is a dynamic, vigorous multilayered force that can provide so many of our essential needs today and into the future, if we take this opportunity to understand it better, to treat it with respect.

    For these reasons, a thriving natural world means Nature flourishing across landscapes – hills, valleys, towns and cities, seas and shores, where people can be active, inspired and fulfilled. Healthy rivers and wetlands providing clean water and homes for wildlife and reducing the risks of flooding and drought. Restored peatlands and sea beds, storing vast quantities of carbon instead of releasing it into the atmosphere. Trees, shrubs, parks and rivers, cooling cities and some are bringing urban dwellers closer to Nature, reducing crime and encouraging businesses to invest. Hedgerows and flower-rich margins, ensuring a plentiful supply of pollinators for crops underpinning food security.

    All of these benefits provide us with security and resilience in an uncertain world. Put them together and it’s very clear that Nature isn’t different to growth, it is at the heart of it. You cannot grow the economy if you don’t grow Nature. According to recent estimates, the value of the UK’s stock of natural capital assets is just over £1.5 trillion.

    Is it wise to blow that capital and to not think about tomorrow? Or should we try to grow that capital to thereby grow the dividends and interest that we will get into the future?

    The evidence presented in this report reveals the answer and how investing in Nature recovery pays the upfront costs many times over. However, each decade doubles the costs of restoring the damage, meaning that the longer we leave this process of Nature recovery, the more expensive it will become.

    This report thereby offers an important resource for policymakers, making the invisible visible and providing the missing evidence needed, guiding the action that we require to achieve sustainable use of our natural assets. The case for Nature recovery as a result of this work, makes it an even stronger agenda.  I encourage those of you here today not to read the report only and to be informed by it, but to use it in your future decision-making processes and to create a stronger positive outlook for our economy and society by doing so.

    Notes

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Global: Fix the climate or appease the fossil fuel industry – we can’t do both

    Source: The Conversation – UK – By Jack Marley, Environment + Energy Editor, UK edition

    Britain ended more than 140 years of coal power when it closed its last generator in September.

    Coal emits more heat-trapping gas to the atmosphere than any other fossil fuel, so its demise as a source of electricity is an unalloyed good for the climate. Yet, with another announcement a week later, the UK government has helped extend the reign of fossil fuels well into the 21st century.



    This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 35,000+ readers who’ve subscribed.


    Less than six months from polling day, the UK Labour party (then the official opposition) scrapped a campaign commitment to provide an annual stimulus of £28 billion (US$36.6 billion) for green industries.




    Read more:
    Labour’s £28 billion green investment promise could be watered down – here’s why


    Six billion pounds shy of this figure will now be raised over 25 years, Keir Starmer’s Labour government has revealed, but for a specific purpose: carbon capture and storage.

    “The technology works by capturing CO₂ as it is being emitted by a power plant or another polluter, then storing it underground,” says Mark Maslin, a professor of natural sciences at UCL.

    The Guardian reports that oil companies BP and Equinor will invest in a cluster of carbon capture and storage installations in Teesside, north-east England. Eni, an Italian oil company, is expected to develop sites in north-west England and north Wales. In each case, emissions will probably be pumped via gas pipes beneath the seabed.

    Starmer anointed “a new era” for green jobs when announcing this funding, but experts claim he is actually offering symbolic and strategic support to climate-wrecking energy sources that have dominated for centuries.

    A new error

    “This announcement represents a massive bet on a still unproven technology, and will lock the UK into fossil fuel dependence for decades to come,” Maslin says.




    Read more:
    The UK’s £22 billion bet on carbon capture will lock in fossil fuels for decades


    “The Climate Change Act mandates the UK should achieve net zero emissions by 2050, yet this will be impossible if carbon capture leads to the UK building new gas power stations instead of wind and solar farms.”

    Our ability to capture all this carbon is not guaranteed.
    DimaBerlin/Shutterstock

    Maslin was one of several scientists who wrote to energy secretary Ed Miliband criticising the plans. As he sees it, the government would not fund these projects if it did not see a future for fossil fuels beyond the middle of this century, by which time scientists have said our interference in the climate must end.

    The message is clear: expensive imports of natural gas (essentially methane, a potent greenhouse gas) are here to stay. Even successful deployment of carbon scrubbers at the point of burning this gas would not erase its climate impact, Maslin says, as it leaks at all stages of its production and use.

    But Maslin also doubts carbon capture and storage can siphon off the emissions of gas-fired power plants without adding to climate change. This is why climate scientists often describe carbon capture and storage as an unproven technology for decarbonising electricity and heavy industry: most of its applications have been in natural gas processing facilities where CO₂ is extracted for commercial uses.

    “The track record of adding carbon capture to power plants is much worse, with the vast majority of projects abandoned,” Maslin explains.

    More damning still, almost 80% of all the CO₂ captured by existing installations has been reinjected into oil fields – to pump more oil.

    Could carbon capture and storage tech turn natural gas into zero-carbon hydrogen, as some hope? Again, Maslin is dubious. Water is a cleaner source for hydrogen and using this fuel to heat homes or decarbonise factories is a second-rate solution compared with renewable electricity, he says.

    The fruits of appeasement

    Maslin and his co-signatories say that carbon capture and storage should be limited to reducing emissions from existing fossil power plants or steel furnaces while these emission sources are rapidly phased out.

    Marc Hudson at the University of Sussex is a historian of climate politics and policy in Australia, the US, UK and internationally. He has encountered policy proposals for carbon capture dating back to the 1970s and in his view, their overwhelming effect has been to prolong the use of fossil fuels by justifying investment in their expansion.




    Read more:
    Relying on carbon capture and storage may be a dangerous trap for UK industry


    “It’s the equivalent of smoking more and more cigarettes each day and gambling that a cure for cancer will exist by the time you need it,” he says.




    Read more:
    Cumbria coal mine: empty promises of carbon capture tech have excused digging up more fossil fuel for decades


    When trying to explain why rational climate policies like the mass insulation of draughty homes tends to lose out to investment in carbon capture and storage, Nils Markusson, a lecturer in environmental politics at Lancaster University, found something similar:

    “Home insulation does nothing to shield the profits of fossil fuel companies or landlords in the large and growing private rental sector,” he says.




    Read more:
    Does carbon capture and storage hype delay emissions cuts? Here’s what research shows


    In other words, appeasing the fossil fuel industry is a proviso of policies drafted to address climate change. This limitation has also infiltrated scientific assessments of the climate.

    A new report shows that “overshoot” scenarios – that is, projections of future climate change which accept the global target of 1.5°C will be at least temporarily breached – are rife in mainstream climate science.

    This is despite evidence of the permanent damage such a breach would cause – and our doubtful ability to reverse warming once it has exceeded these dangerous levels using speculative carbon removal technology.

    There is not enough land or energy to rapidly restore the carbon we have emitted.
    Oksana Bali/Shutterstock

    What has led us here? Comprehending the climate crisis and its solutions on terms favourable to the fossil fuel industry say Wim Carton and Andreas Malm, political ecologists at Lund University.

    “Avoiding climate breakdown demands that we bury the fantasy of overshoot-and-return and with it another illusion as well: that the Paris targets can be met without uprooting the status-quo.




    Read more:
    How mainstream climate science endorsed the fantasy of a global warming time machine


    “One limit after the other will be broken unless we manage to strand the necessary fossil assets and curtail opportunities for continuing to profit from oil and gas and coal.”

    ref. Fix the climate or appease the fossil fuel industry – we can’t do both – https://theconversation.com/fix-the-climate-or-appease-the-fossil-fuel-industry-we-cant-do-both-240694

    MIL OSI – Global Reports

  • MIL-OSI Global: Despite progress on poverty, Mexico’s first female president inherits a shaky economy

    Source: The Conversation – UK – By Nicolas Forsans, Professor of Management and Co-director of the Centre for Latin American & Caribbean Studies, University of Essex

    shutterstock Octavio Hoyos/Shutterstock

    Mexico’s first female president, leftwing academic and climate scientist Claudia Sheinbaum, has set out her agenda. She pledged to maintain the social policies of her mentor and predecessor, the widely popular former president Andrés Manuel López Obrador (commonly known by his initials, AMLO).

    She promised a transition to green energy, and set out the need for new infrastructure in railways, ports and airports. Sheinbaum inherits a US$1.79 trillion (£1.4 trillion) economy closely integrated to that of the US – in fact, Mexico has the second-largest economy in Latin America. It is also the most populous Spanish-speaking country in the world with 128 million people.

    But Sheinbaum also inherits Mexico’s largest budget deficit since the 1980s.

    Despite social policies that have seen 9.5 million Mexicans lifted from poverty during AMLO’s six-year term, 36% of Mexicans are still poor and 7% live in extreme poverty. Access to health services remains problematic, and has worsened for those living in deprivation.

    Gross domestic product per capita, a measure of wealth, actually fell during the previous administration, which means the “average” Mexican is worse off now than at the start of AMLO’s presidency. And next year, the central bank estimates GDP will grow by only 1.2%, which will inevitably constrain Sheinbaum in her early years in office.

    While campaigning, she promised to continue the social and political policies of her predecessor. Now in office, she will not only grapple with the country’s security situation but also navigate serious economic and fiscal challenges.




    Read more:
    As Mexico’s new president takes office, a renewed battle to contain cartel violence begins


    In 2018, AMLO took office in a relatively stable fiscal environment. His predecessor, Enrique Peña Nieto, had implemented significant reforms early in his term aimed at reducing reliance on oil revenues and energy subsidies.

    Nieto also sought to strengthen the country’s two stabilisation funds. The Oil Revenue Stabilisation Fund is aimed at protecting Mexico’s budget from fluctuations in oil revenues. Meanwhile, the Budget Income Stabilisation Fund seeks to stabilise budget revenues from non-oil sources, such as taxes.

    These funds have been crucial for maintaining economic stability given the volatility of commodity prices, especially since oil has historically been a key contributor to Mexico’s public finances. However, under AMLO’s administration, both funds were used to plug gaps, leaving them depleted and raising concerns about the country’s ability to weather economic downturns. The country has not balanced its books since 2007.

    High energy subsidies introduced in 2019 are putting a strain on public finances. Driven by a commitment by AMLO to shield consumers from rising international oil prices, subsidies increased as a result of the COVID pandemic in 2020, and again in 2022 amid the war in Ukraine.

    The recent rise in social spending to fund universal state pensions, social programmes and debt servicing has created considerable strain, pushing the deficit close to 6% of GDP. Mexico’s debt-to-GDP ratio is 50% this year, up from its 2018 level.

    The tax issue

    In most countries, tax revenues are used to fund social investment. But Mexico’s ability to raise taxes has been extremely limited – tax revenues amount to just 17% of the country’s GDP, below the Latin American average of 22%, and well below that of countries in the Organisation for Economic Co-operation and Development (OECD) at 34%.

    Mexico has a large informal economy, with many workers and businesses not registered with tax authorities. Corruption, inefficiencies in tax administration and lack of trust in government institutions have led to low tax compliance, while efforts to increase taxes on the wealthy have met political resistance.

    Mexico has high levels of income inequality, and the wealthiest segments of society contribute relatively little to the overall tax revenue. Instead, the country had historically relied on oil revenues – which have declined – to fund public services and investment.

    AMLO had launched popular social programmes aimed at reducing poverty and inequalities. Now Sheinbaum has promised increased social spending while maintaining “fiscal responsibility” and not reforming tax (at least in her early presidency). That promise seems unrealistic. Without a change of approach, a fiscal crisis looms.

    However, she is expected to be a more pragmatic president than her predecessor. In part because she is less ideology-driven, but also because she won’t have a choice. If she wants to boost the economy and keep reducing poverty, she will need to attract foreign investment and encourage the private sector to play a much bigger role.

    Infrastructure will be a key focus, not least to ensure Mexico can benefit from the process of “near-shoring” – the relocation by multinationals of key processes away from Asia closer to the US market in order to minimise supply chain disruptions.

    Mexico stands to gain from the current desire by many companies to operate closer to the USA. As a result of the US-Mexico-Canada Agreement (USMCA), and its predecessor Nafta (North American Free Trade Agreement), Mexico enjoys tariff-free trade with its northern neighbours.

    But the country has not fully benefited from those opportunities. It lacks a consolidated investment promotion strategy and needs to produce more energy, ensuring it is from cleaner sources.

    It’s expected that Sheinbaum will continue government efforts to lift disadvantaged Mexicans out of poverty.

    Companies keen to invest in Mexico need access to low-emission hydrocarbons, as well as renewable energy. But AMLO viewed oil as a key part of Mexico’s sovereignty, eradicating previous reforms that had opened up the energy sector to private companies and preventing private investment in renewable energy. Instead, public finances were used to prop up ailing state-owned oil monopoly Pemex and national electricity company CFE.

    Given the fiscal challenges Sheinbaum inherits, Mexicans can expect the private sector to play a much greater role in infrastructure investment and in making the green energy transition a reality.

    As mayor of Mexico City, she championed public-private partnerships (PPP) while promoting solar energy. But to entice factories from Asia, she will also have to weaken the grip of the criminal organisations which are believed to control as much as a third of Mexico.

    During her tenure as mayor she halved the number of murders in the capital. But attempting to replicate this success throughout the country will be no small undertaking.

    Nicolas Forsans does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Despite progress on poverty, Mexico’s first female president inherits a shaky economy – https://theconversation.com/despite-progress-on-poverty-mexicos-first-female-president-inherits-a-shaky-economy-240136

    MIL OSI – Global Reports

  • MIL-OSI Security: Justice Department, Federal Trade Commission and Consumer Financial Protection Bureau Warn Consumers About Potential Scams and Price Gouging in the Wake of Hurricanes and other Natural Disasters

    Source: United States Attorneys General 1

    As the nation braces for another major hurricane, the Justice Department, along with the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB), is warning consumers about those looking to take advantage of natural disasters by engaging in potential fraud, price gouging and collusive schemes.

    Scammers quickly exploit weather emergencies and take advantage of people trying to recover or donate to disaster victims. Weather emergencies provide disruptions to the supply chain, which can also provide opportunities for wrongdoers to engage in collusive schemes that inflate prices charged to customers who are under extreme stress and therefore unable to fight back against collusive or anticompetitive prices.

    “Companies are on notice: do not use the hurricane as an excuse to exploit people through illegal behavior,” said Deputy Assistant Attorney General Manish Kumar of the Justice Department’s Antitrust Division. “The Antitrust Division and its law enforcement partners will act quickly to root out anticompetitive behavior and use every tool available to hold wrongdoers accountable.”

    “Wrongdoers are looking to exploit opportunities and victims of natural disasters for their own personal gain,” said U.S. Attorney Ronald C. Gathe Jr. for the Middle District of Louisiana, who is also Executive Director of the National Center for Disaster Fraud (NCDF). “The Justice Department, including the NCDF, stands ready to prevent these bad actors from fraudulent activity. We are here to support victims of natural disasters during these difficult times together with our state, local and federal partners, and agencies. In an effort to assist the most vulnerable neighbors who are susceptible to these types of fraudulent schemes, we encourage you to be diligent in reporting suspicious activity on their behalf.”

    “As Americans seek safety from natural disasters, we’re hearing troubling reports of price gouging for essentials that are necessary for people to get out of harm’s way — from hotels to groceries to gas,” said FTC Chair Lina M. Khan. “No American should have to worry about paying grossly inflated prices when fleeing a hurricane. In partnership with state enforcers, the FTC will keep fighting to ensure that Americans can get the relief they need without being ripped off by bad actors exploiting a crisis.”

    “Price gouging during a natural disaster is just plain wrong, and excessive price increases can be unfair under the law,” said CFPB Director Rohit Chopra. “The CFPB will be on the lookout for financial companies that take advantage of natural disasters to rip people off.”

    Possible types of natural disaster scams include:

    • Fraudulent charities soliciting donations for disaster victims that often imitate the names of charities linked to the disaster;
    • Scammers impersonating government officials, offering disaster relief in exchange for personal information or money;
    • Scammers promoting non-existent businesses or investment opportunities related to disaster recovery, such as rebuilding or flood-proofing;
    • Price gouging for essential goods and services needed by disaster victims; and
    • Businesses using supply chain disruptions as a cover for collusion to overcharge customers.

    To avoid scams and frauds while you’re recovering from a hurricane or another natural disaster, remember only scammers will insist you pay for services by wire transfer, gift card, payment app, cryptocurrency or in cash. Avoid anyone who promises they can help you qualify for relief for a fee. That’s a scam. You are not required to pay a fee to get disaster relief. Never sign your insurance check over to someone else. Be sure to research contractors and get estimates from more than one before signing a contract for work. Get a written contract for repairs and read it carefully before signing it.

    The Justice Department established the NCDF in the wake of Hurricane Katrina to deter, investigate and prosecute fraud in the wake of disasters. More than 50 federal, state and local agencies participate in the NCDF, which reminds the public to be aware of and report any instances of alleged fraudulent activity related to relief operations and funding for victims. Complaints of fraud may be reported online at http://www.justice.gov/DisasterComplaintForm. Complaints may also be reported to the NCDF at (866) 720-5721, a hotline that is staffed 24 hours a day, seven days a week.

    Consumers and businesses with concerns about potentially anticompetitive conduct like price-fixing, bid-rigging, or customer-allocation can report those concerns to the Antitrust Division’s Citizen Complaint Center at 1-888-647-3258 or by visiting http://www.justice.gov/atr/report-violations.

    MIL Security OSI

  • MIL-OSI: Subsea7 awarded contract in the US Gulf of Mexico

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 9 October 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) announced today the award of a sizeable 1 contract for a subsea tieback development in the US Gulf of Mexico.

    Subsea7 will be responsible for transporting and installing the flowline, umbilical, and associated subsea components for the tieback. Project management and engineering work will begin immediately at Subsea7’s office in Houston, Texas, and offshore activity is expected to start in 2025.

    Craig Broussard, Vice President for Subsea7 Gulf of Mexico, said: “Our strategy of early engagement and close collaboration with clients allows us to approach projects with an open mind and a deep understanding of client needs. This helps us explore innovative, cost-effective ways to deliver optimized energy solutions.”

    1. Subsea7 defines a sizeable contract as being between $50 million and $150 million

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 20 8210 5568
    ir@subsea7.com

    Contact for media enquiries:
    Ashley Shearer
    Communications Manager
    Tel +1-713-300-6792
    ashley.shearer@subsea7.com

    Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 9 October 2024 at 18:20 CET.

    Attachment

    The MIL Network

  • MIL-OSI USA: Jefferson, The Fed’s Discount Window: 1990 to the Present

    Source: US State of New York Federal Reserve

    Thank you, Steve, for that kind introduction and for the opportunity to talk to this group today.1
    Let me start by saying that I am saddened by the tragic loss of life, destruction, and damage resulting from Hurricane Helene in North Carolina, and throughout this region. My thoughts are with the people and communities affected. For our part, the Federal Reserve and other federal and state financial regulatory agencies are working with banks and credit unions in the affected area to help make sure they can continue to meet the financial services needs of their communities.
    Yesterday I shared my historical perspective on the discount window at Davidson College.2 In 1913, when the Federal Reserve was established, the discount window was the main tool it used to provide the nation with a safer, more flexible, and more stable monetary and financial system. More than 110 years later, the discount window continues to play an important role in supporting the liquidity and stability of the banking system, and the effective implementation of monetary policy.
    Today I would like to discuss with you how the discount window has evolved in the 21st century, including recent steps the Federal Reserve Board has taken to solicit feedback from the public on discount window operations. Before I address our most recent efforts, however, I will review some important episodes in discount window history that brought us to where we are today.
    First, I will recount briefly events in the 1980s and early 1990s that provide important context for the reappraisal of the discount window in the early 2000s. Second, I will summarize revisions to the discount window that the Fed made in 2003 and some additional changes made since then. Third, I will describe efforts that the Fed has taken to ensure that the discount window remains effective today, including the request for information that the Board recently issued on operational aspects of the discount window and intraday credit. After completing my discussion of the discount window, I will conclude with my outlook for the U.S. economy.
    Events before the 2003 Discount Window RevisionsI would like to pick up today where I left off yesterday in my speech at Davidson College: the 1980s and early 1990s. This was a period of widespread problems in the commercial banking sector. Troubled institutions borrowed from the discount window for extended periods of time as the Federal Deposit Insurance Corporation (FDIC) sought to find merger partners or otherwise manage the closure of these institutions. As a result, the discount window became associated strongly with lending to troubled institutions. Healthy banks’ reluctance to borrow from the discount window increased. The greater reluctance to borrow from the discount window made it less effective both as a monetary policy tool and as a crisis-fighting tool.3 This led to a reassessment of the discount window in the early 2000s and to eventual revisions implemented in 2003.
    A Reassessment of the Discount Window in the Early 2000sThe key challenge in the reassessment of the discount window was to establish a lending program that would not only operate effectively and support monetary policy implementation, but also mitigate moral hazard and provide sufficient controls to minimize risk to Reserve Banks and, ultimately, to American taxpayers. After the reassessment, the Fed implemented several changes aimed to achieve the right balance.
    The Board replaced the adjustment credit program, which was extended at a below-market rate, with a new type of discount window credit called primary credit. This new type of discount window credit became effective in 2003.4 It is available as a backup source of liquidity to depository institutions in generally sound financial condition at an above-market rate. Making the discount rate a penalty rate is more consistent with the long-standing practice of other major central banks. This feature was intended to reduce the need for administrative pressures based on Reserve Bank staff judgment of inappropriate usage when the discount rate was below market rates. Although those measures effectively limited usage that was deemed inappropriate at the time, they also presented communication challenges regarding when it was appropriate to use the discount window and perpetuated the perception that the Fed discouraged its use.
    Primary credit is a “no questions asked” facility in which eligible depository institutions are no longer required to have exhausted other sources of funding or be subject to restrictions on the use of the borrowed funds. The Fed initially set the primary credit rate 100 basis points above the target federal funds rate.5 Since March 2020, the Fed has set the primary credit rate at a level equal to the top of the target range for the federal funds rate.6
    At the same time primary credit was established, another new program, called secondary credit, replaced the extended credit program. Secondary credit is available to depository institutions that are not eligible for primary credit. It was initially available at an interest rate 50 basis points higher than the primary credit rate, which is the spread in effect today. In contrast to primary credit, extensions under secondary credit are subject to higher collateral discounts and may involve ongoing oversight on the use of funds obtained under the program, reflecting the less-sound condition of secondary credit borrowers. Typically, Reserve Banks review a depository institution’s plan to repay the loan and return to market sources of funding.
    This two-tiered structure of providing the no-questions-asked primary credit program for healthy depository institutions and the secondary credit program for less-than-healthy depository institutions was designed primarily to instill public confidence in the health of institutions borrowing from the primary credit program and to reduce the reluctance of healthy depository institutions to borrow.7 In addition, having two separate facilities would reinforce the notion that healthy and troubled depository institutions alike should regard borrowing from the Fed as an option in the event of a need for additional funds.
    In the early years of the switch to the new facilities, there were signs that healthy depository institutions became more willing to borrow from the discount window. For example, some research found that after the 2003 discount window revisions, banks borrowed more from the discount window when the federal funds rate spiked than they had previously.8 This finding suggests that the redesign of the discount window was effective in reducing banks’ reluctance to borrow. As a result, the discount window may have been more effective in placing a ceiling on short-term funding rates, aiding the implementation of monetary policy, and serving as a liquidity tool when needed.
    Nevertheless, it is important to acknowledge that it is difficult to measure reluctance to borrow from the discount window. When the interest rate on primary credit is above the target federal funds rate and the federal funds rate is close to its target, the aggregate volume of primary credit is expected to be low. In other words, a low average level of discount window borrowing does not necessarily mean that there is a reluctance to borrow; instead, it could simply reflect a situation in which depository institutions do not currently need to borrow. In addition, when there is an abundance of liquidity in the banking system, as is the case in the current ample-reserves monetary policy regime, depository institutions may have less need to obtain additional liquidity via the discount window. Again, this does not necessarily mean that there is a reluctance to borrow. Conversely, the presence of discount window borrowing does not necessarily reflect the absence of a reluctance to borrow. It could be the case that, although aggregate usage increases, there are still some depository institutions that are willing to pay well above the primary credit rate even when they could have borrowed readily from the discount window. For these reasons, it is important that we complement data with market outreach information to assess the effectiveness of the discount window.
    Changes and Challenges since the Introduction of Primary and Secondary CreditPrimary and secondary credit exist today, but some changes have been made to primary credit since its inception. For example, although the discount window was used extensively and played an important role in the emergency measures taken during the financial crisis of 2007–09, some depository institutions during this period still were willing to borrow funds from the market at rates above the discount rate.9 This suggested that there was a reluctance to borrow before the crisis, and that reluctance appeared to grow over the course of the crisis. To promote the restoration of orderly conditions in financial markets and provide depository institutions with greater assurance about the cost and availability of funding, the Board approved temporary changes to its primary credit discount window facility during the crisis.10 In addition, in late 2007, the Board established the Term Auction Facility (TAF).11
    Concerns about lending to troubled depository institutions reemerged after the 2007–09 financial crisis. In the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010, Congress required the Fed to publish detailed individual institution borrowing data with a two-year lag.12 This action was intended to enhance the transparency and accountability of Federal Reserve lending while still preserving a measure of confidentiality to avoid discouraging depository institutions from borrowing.
    More recently, in March 2020, the Fed announced changes to the provision of primary credit that were intended to encourage depository institutions to use the discount window to meet demands for credit from households and businesses in connection with the COVID-19 pandemic. These changes included setting the primary credit rate at a level equal to the top of the federal funds target range—a step that enhanced the ability of the discount window to support trading within the Federal Open Market Committee’s (FOMC) target range for the federal funds rate—and communicating the terms of borrowing as 90 days, prepayable and renewable on a daily basis. To further encourage depository institutions to use the discount window, the Fed also made changes to its reporting of Reserve Bank–level aggregate weekly discount window borrowing. It consolidated amounts previously reported as “loans,” which include discount window borrowing, into a broader category of assets.13 The changes made in 2020 remain in effect.
    During and after the spring 2023 stress events, the discount window again played an important role in supporting both monetary policy and financial stability. Depository institutions that came under severe stress turned to the discount window. The discount window also served an important role in providing ready access to funding, especially for depository institutions experiencing spillovers from the bank failures. To further ensure that depository institutions had the ability to meet the needs of all their depositors, the Board announced the creation of a new emergency program, the Bank Term Funding Program (BTFP). Although the BTFP was established pursuant to the Board’s emergency lending authority in section 13(3) of the Federal Reserve Act, the BTFP used the discount window infrastructure to lend to eligible depository institution borrowers.14 By relying on the existing discount window infrastructure, the BTFP was able to begin operating right away. The program ceased extending new loans on March 11, 2024, as scheduled.
    Today the discount window continues to be an effective tool, but it is important to acknowledge that economic and banking conditions continue to evolve. Since the 2003 discount window reassessment, we have seen an increased focus on liquidity in banking regulation, including the advent of quantitative liquidity requirements for large banking organizations; technological changes in the banking system; a general trend toward faster and 24-7-365 payment systems; changes in the composition and posture of Federal Home Loan Bank lending; and the move to an ample-reserves monetary policy implementation regime.
    In light of these developments, the Federal Reserve System has taken important steps to ensure that the discount window performs its functions successfully in the 21st-century economy. For example, last year the Board, along with the other federal banking agencies and the National Credit Union Administration, issued guidance on contingency funding plans that encouraged depository institutions to be ready to borrow from the discount window.15 This includes taking steps to establish borrowing relationships with the Federal Reserve, such as providing certain legal documentation and ensuring that collateral to secure loans is ready to pledge. In connection with interagency initiatives, Reserve Banks have conducted outreach to depository institutions and made efforts to guide them in using the discount window.
    Data suggest that this encouragement is working. By the end of 2023, 3,900 banks, or roughly 80 percent of all banks, had completed the legal documentation required to borrow from the discount window.16 Of those, nearly 2,000 banks had pledged collateral, with an aggregate lendable value of over $2.6 trillion after applying appropriate discounts. These figures are notably above their levels at the end of 2021 and 2022. Although I am pleased to see the improvements in discount window readiness statistics, continued outreach is still important. To that effect, this summer, Federal Reserve Banks hosted an Ask the Fed® session to discuss the purpose of the discount window, its facilities, and recommendations for depository institutions on how to prepare to borrow from the Fed.17
    Additionally, the Federal Reserve System has made important investments to enhance the technology that supports discount window activities. Earlier this year, the System launched Discount Window Direct, which is an online portal for depository institutions to request and prepay loans as well as securely message their local Reserve Bank.18 Discount Window Direct generally is accessible 24 hours a day. We are actively encouraging the use of Discount Window Direct.
    Seeking Feedback on the Discount WindowTo complement our efforts to enhance discount window operations, the Federal Reserve Board recently announced that it is collecting feedback from the public on operational frictions associated with the discount window and intraday credit through the issuance of a request for information. As some of you may know, a request for information is a formal document through which a government agency solicits feedback. Members of the public can submit comments in response to the request for information until December 9, 2024.19
    The Board requests input on various discount window and intraday credit operational practices, such as the process for requesting, receiving, and repaying discount window loans as well as Reserve Bank discount window and intraday credit communications practices. Through the request for information, the Board hopes to gain further insight into the operational aspects that are the most costly or burdensome for depository institutions. This will help the Fed consider further improvements to promote efficiency and reduce burden on depository institutions. Ultimately, the Fed’s goal is to build on the current discount window operations and processes so that the discount window will continue to provide ready access to funding against a wide range of collateral in the future. I encourage members of the public to submit comments on the request for information, and I look forward to considering the feedback that we receive.
    Economic OutlookBefore concluding, let me share with you a summary of my outlook for the U.S. economy, as I did yesterday with the audience at Davidson. Economic activity continues to grow at a solid pace. Inflation has eased substantially. The labor market has cooled from its formerly overheated state.
    Personal consumption expenditures (PCE) prices rose 2.2 percent over the 12 months ending in August, well down from 6.5 percent two years earlier. Excluding the volatile food and energy categories, core PCE prices rose 2.7 percent, compared with 5.2 percent two years earlier. Our restrictive monetary policy stance played a role in restraining demand and in keeping longer-term inflation expectations well anchored, as reflected in a broad range of inflation surveys of households, businesses, and forecasters, as well as measures from financial markets. Inflation is now much closer to the FOMC’s 2 percent objective. I expect that we will continue to make progress toward that goal.
    While, overall, the economy continues to grow at a solid pace, the labor market has modestly cooled. Employers added an average of 186,000 jobs per month during July through September, a slower pace than seen early this year. The unemployment rate now stands at 4.1 percent, up from 3.8 percent in September 2023. Meanwhile, job openings declined by about 4 million since their peak in March 2022. The good news is that the rise in unemployment has been limited and gradual, and the level of unemployment remains historically low. Even so, the cooling in the labor market is noticeable.
    Congress mandated the Fed to pursue maximum employment and price stability. The balance of risks to our two mandates has changed—as risks to inflation have diminished and risks to employment have risen, these risks have been brought roughly into balance. The FOMC has gained greater confidence that inflation is moving sustainably toward our 2 percent goal. To maintain the strength of the labor market, my FOMC colleagues and I recalibrated our policy stance last month, lowering our policy interest rate by 1/2 percentage point.
    Looking ahead, I will carefully watch incoming data, the evolving outlook, and the balance of risks when considering additional adjustments to the federal funds target range, our primary tool for adjusting the stance of monetary policy. My approach to monetary policymaking is to make decisions meeting by meeting. As the economy evolves, I will continue to update my thinking about policy to best promote maximum employment and price stability.
    Thank you.
    ReferencesArtuç, Erhan, and Selva Demiralp (2010). “Provision of Liquidity through the Primary Credit Facility during the Financial Crisis: A Structural Analysis,” Federal Reserve Bank of New York, Economic Policy Review, vol. 16 (August), p. 43–53.
    Bernanke, Ben S. (2009a). “The Federal Reserve’s Balance Sheet,” speech delivered at the Federal Reserve Bank of Richmond 2009 Credit Markets Symposium, Charlotte, N.C., April 3.
    ——— (2009b). “The Federal Reserve’s Balance Sheet: An Update,” speech delivered at the Federal Reserve Board Conference on Key Developments in Monetary Policy, Washington, October 8.
    Board of Governors of the Federal Reserve System (2002a). “Extensions of Credit by Federal Reserve Banks; Reserve Requirements of Depository Institutions,” final rule, technical amendment (Docket Nos. R-1123 and R-1134), Federal Register, vol. 67 (November 7), pp. 67777–87.
    ——— (2002b). “Publication of Final Rule Amending Regulation A (Extensions of Credit by Federal Reserve Banks),” press release, October 31.
    ——— (2020). “Federal Reserve Actions to Support the Flow of Credit to Households and Businesses,” press release, March 15.
    ——— (2023). “Federal Reserve Board Announces It Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Their Depositors,” press release, March 12.
    ——— (2024a). “Bank Term Funding Program: Frequently Asked Questions (PDF),” updated January 24.
    ——— (2024b). “Request for Information and Comment on Operational Aspects of Federal Reserve Bank Extensions of Discount Window and Intraday Credit,” request for information and comment (Docket No. OP-1838), Federal Register, vol. 89 (September 10), pp. 73415–18.
    Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (2023). “Agencies Update Guidance on Liquidity Risks and Contingency Planning,” joint press release, July 28.
    Clouse, James A. (1994). “Recent Developments in Discount Window Policy (PDF),” Federal Reserve Bulletin, vol. 80 (November), pp. 965–77.
    Jefferson, Philip N. (2024). “A History of the Fed’s Discount Window: 1913-2000,” speech delivered at Davidson College, Davidson, N.C., October 8.
    Madigan, Brian F. (2009). “Bagehot’s Dictum in Practice: Formulating and Implementing Policies to Combat the Financial Crisis,” speech delivered at the Federal Reserve Bank of Kansas City’s Annual Economic Symposium, Jackson Hole, Wyo., August 21.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See Jefferson (2024). Return to text
    3. For more details about this period, see Clouse (1994). In response to the wave of depository institution failures, Congress placed legal limitations on Federal Reserve lending to troubled institutions. Specifically, section 142 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) amended section 10B of the Federal Reserve Act to place restraints on discount window lending to undercapitalized and critically undercapitalized insured depository institutions. FDICIA also imposed liability on the Board of Governors for excess losses incurred by the FDIC that are attributable to lending beyond those limits. The provisions of FDICIA were intended to reduce moral hazard in the banking system and limit taxpayer losses. Return to text
    4. For more details, see the October 31, 2002, Federal Reserve press release (Board of Governors, 2002b) and the final rule implementing the changes (Board of Governors, 2002a). Return to text
    5. In 2003, when primary credit was implemented, there was a single federal funds target rate. The Federal Open Market Committee adopted a federal funds target range on December 16, 2008. Return to text
    6. For details on the change to the rate spread announced in March 2020, see the press release (Board of Governors, 2020). As will be discussed in greater detail later, before 2020, the spread between the primary credit rate and the target federal funds rate (or top of the target range) had changed a few times to address economic conditions during the 2007–09 financial crisis and the subsequent recovery. Return to text
    7. This design feature also would help Reserve Banks manage risk more easily by establishing a standardized approach and risk controls when lending through a facility reserved for troubled depository institutions. Loans to troubled depository institutions entail more risk to the lending Reserve Bank, and depository institutions that are undercapitalized or critically undercapitalized are subject to lending limitations under FDICIA. Return to text
    8. See Artuç and Demiralp (2010). Return to text
    9. See Bernanke (2009a) and Madigan (2009) for a retrospective that elaborates on some of the emergency measures taken during the 2007–09 financial crisis and the reasoning for discount window rate changes during the financial crisis. Return to text
    10. Throughout this crisis, the Board approved numerous reductions in the primary credit rate and narrowed the spread between the primary credit rate and the target federal funds rate twice. With the narrowing of the spread in August 2007 from 100 basis points to 50 basis points and in March 2008 to 25 basis points, the Board announced that the maximum term for primary credit loans would be extended, first to 30 days and then to 90 days, respectively. As economic conditions improved, in 2010, the Board increased the spread between the primary credit rate and the target federal funds rate to 50 basis points and shortened the maximum term for primary credit loans to overnight. Return to text
    11. The TAF provided fixed quantities of term credit to depository institutions through an auction mechanism and seemed to have largely addressed banks’ concern that borrowing from the Federal Reserve would imply weakness. According to Bernanke (2009b, paragraph 7), this was “partly because the sizable number of borrowers provides a greater assurance of anonymity, and possibly also because the three-day period between the auction and auction settlement suggests that the facility’s users are not using it to meet acute funding needs on a particular day.” Return to text
    12. See section 1103 of the Dodd-Frank Act, which amended section 11 of the Federal Reserve Act. Return to text
    13. The Board’s H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks,” is published weekly. It presents a balance sheet for each Federal Reserve Bank, a consolidated balance sheet for all 12 Reserve Banks, an associated statement that lists the factors affecting reserve balances of depository institutions, and several other tables presenting information on the assets, liabilities, and commitments of the Federal Reserve Banks. For additional details on the consolidation of “loans” into a broader category of assets, see the March 19, 2020, H.4.1 announcement, available on the Board’s website at https://www.federalreserve.gov/releases/h41/20200319. Return to text
    14. As with the discount window, an eligible institution participated in the BTFP through its local Reserve Bank. The legal agreements and process for pledging securities in the BTFP also relied on those used in discount window lending. Nevertheless, the BTFP differed from the discount window in various ways, including the term of lending, scope of eligible collateral, collateral valuation, and interest rate. For more information on the differences between the BTFP and the discount window, see the response to question A.3 in Board of Governors (2024a, p. 3). For additional details on the BTFP, see the March 12, 2023, press release (Board of Governors, 2023). Return to text
    15. See Board of Governors and others (2023). Return to text
    16. The statistics in this paragraph are available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/discount-window-readiness.htm. Return to text
    17. More information on Ask the Fed is available on the Federal Reserve Bank of St. Louis’s website at https://bsr.stlouisfed.org/askthefed/Auth/Logon. Return to text
    18. Additional details on Discount Window Direct can be found on the Federal Reserve Bank Services website at https://www.frbservices.org/central-bank/lending-central. Return to text
    19. See the information on discount window operations in section II.A of Board of Governors (2024b). Return to text

    MIL OSI USA News

  • MIL-OSI USA: Water, water, everywhere: US, Tunisia work wonders to solve critical water issues

    Source: United States Army

    U.S. Army Sgt. Jessica Neidhardt, a water purification specialist from the 651st Quartermaster Company, checks the chemical composition of water alongside members of the Tunisian Armed Forces during exercise African Lion 2024 in Gabes, Tunisia, May 2, 2024. African Lion 2024 marks the 20th anniversary of U.S. Africa Command’s premier joint exercise led by U.S. Army Southern European Task Force, Africa (SETAF-AF), running from April 19 to May 31 across Ghana, Morocco, Senegal and Tunisia, with over 8,100 participants from 27 nations and NATO contingents. (U.S. Army photo by Spc. Trevor Seiler) (Photo Credit: Pfc. Trevor Seiler) VIEW ORIGINAL

    Back to 

    U.S. Army Southern European Task Force, Africa

    VICENZA, Italy – “You’re depleting our water” is not the comment U.S. partners want to hear from a host nation after an exercise, especially one experiencing a drought in Northern Africa. Unfortunately, African Lion exercise planners found themselves facing this issue from their Tunisian counterparts following the 2023 exercise (AL23).

    The culprit was not long showers or manicured lawns, but rather the U.S. Department of Agriculture requirement to thoroughly clean all vehicles, containers and equipment prior to redeployment to the United States.

    However, this incredibly important customs process is not the typical washrack operation coming out of the field. The process involves a white-glove inspection of every nook and cranny on the hunt for bits of dirt that may be harboring invasive plants or insects. This is similar to shipping a vehicle overseas for a permanent change of station (PCS), but during an exercise it involves much heavier vehicles such as tanks, high-mobility rocket systems (HIMARS) and others weighing in at over two tons.

    “Every time we redeploy personnel and equipment from a deployment, we’re required to follow certain procedures to ensure we don’t accidentally bring back something harmful,” said U.S. Army Master Sgt. Alba Alvarado, logistics planner with the 79th Theater Sustainment Command (79th TSC). “We do our best to conduct these operations without inconveniencing our partners, which requires a lot of coordination and flexibility.”

    U.S. Army Spc. Caleb Vigil, a water purification specialist from the 651st Quartermaster Company, checks the purity level of water gathered from the Mediterranean Sea during an African Lion exercise in Gabes, Tunisia, May 2, 2024. African Lion 2024 marks the 20th anniversary of U.S. Africa Command’s premier joint exercise led by U.S. Army Southern European Task Force, Africa (SETAF-AF), running from April 19 to May 31 across Ghana, Morocco, Senegal and Tunisia, with over 8,100 participants from 27 nations and NATO contingents. (U.S. Army photo by Spc. Trevor Seiler) (Photo Credit: Pfc. Trevor Seiler) VIEW ORIGINAL

    As one can imagine, Army vehicles tend to have a lot of nooks and crannies, and the cleaning of single vehicle averages over two hours and utilizes over 600 gallons of water to wash away even a week’s worth of tough desert training. Multiply that by eighty-plus vehicles, trailers and containers. The result is burning through thousands of gallons of fresh water solely for the final washrack operation.

    To say the least, this is not a good look for the U.S. military, especially when operating in a lower-income desert environment. At AL23 in particular, it became a friction point with Tunisia, a key U.S. partner on the African continent.

    “No matter how well the exercise went, if our host nation partners have concerns, we need to work to fix those immediately. That’s what good partners do,” said U.S. Army Capt. Logan Abraham, logistics planner with the 79th TSC.

    Weeks later during a morning seaside run in Morocco, while staring out over the rolling waves of the vast Atlantic Ocean, a question was raised: “Why don’t we just make our own water?”

    The U.S. Army maintains an incredible capability to produce potable drinking water from nearly any source, extracting it from a dirty ditch or a salty sea. The Reverse Osmosis Water Purification Unit (ROWPU) and smaller Tactical Water Purification System (TWPS) reside within specialized quartermaster units deep within the US Army Reserves. They are purpose-built to produce over 50,000 gallons per hour in support of large-scale combat operations. This ability is often overlooked as exercise and mission planners consider these units as “overqualified” in favor of the ever-present bottled water solution.

    During the last few miles of the run, a tentative plan was formed. Planners would formally request participation of a water purification unit for Tunisia during African Lion 2024 (AL24). Their task would be to produce over 200,000 gallons of fresh water from the salty Mediterranean Sea in direct support of washrack operations.

    U.S. Army Sgt. Jessica Neidhardt, a water purification specialist from the 651st Quartermaster Company, conducts a water purification test alongside a member of the Tunisian Armed Forces during exercise African Lion in Gabes, Tunisia, May 2, 2024. African Lion 2024 marks the 20th anniversary of U.S. Africa Command’s premier joint exercise led by U.S. Army Southern European Task Force, Africa (SETAF-AF), running from April 19 to May 31 across Ghana, Morocco, Senegal and Tunisia, with over 8,100 participants from 27 nations and NATO contingents. (U.S. Army photo by Spc. Trevor Seiler) (Photo Credit: Pfc. Trevor Seiler) VIEW ORIGINAL

    “This was the first time a water purification unit would take part in the exercise,” said U.S. Army Maj. Jay Jackson, the lead Tunisia exercise planner with U.S. Army Southern European Task Force, Africa (SETAF-AF). “It was a historic, much-needed addition, not only to train our capabilities, but also to strengthen our partnership with the Tunisians.”

    The plan needed to be specific: No local fresh water or municipal sources would be utilized, and the operation needed to be completely transparent and evident to the host nation. Locals who had previously experienced depleted water sources should see for themselves that water was being extracted directly from the sea. The optics needed to be clear.

    SETAF-AF requested the capability, the 79th TSC provided the unit, and the 651st Quartermaster Company (651st QM Co.) arrived in the seaport of Gabes, Tunisia in April 2024, less than a year from the initial conception.

    U.S. Army Sgt. Levi Dixon, a water purification specialist from the 651st Quartermaster Company, works with the Tunisian Armed Forces during a water purification training exercise at exercise African Lion 2024 in Gabes, Tunisia, May 2, 2024. African Lion 2024 marks the 20th anniversary of U.S. Africa Command’s premier joint exercise led by U.S. Army Southern European Task Force, Africa (SETAF-AF), running from April 19 to May 31 across Ghana, Morocco, Senegal and Tunisia, with over 8,100 participants from 27 nations and NATO contingents. (U.S. Army photo by Spc. Trevor Seiler) (Photo Credit: Pfc. Trevor Seiler) VIEW ORIGINAL

    The unit arrived with both ROWPU and TWPS capabilities following months of planning efforts and site surveys with Tunisian Armed Forces (TuAF) partners. Together, they had identified a suitable location offering the best combination of sea access, security and proximity to washrack operations.

    The 651st QM Co. arrived trained and ready, operating nearly autonomously in a difficult industrial port location known for chemical production and breakbulk shipping. In an area where local authorities advise people not to eat the local fish, the purification unit produced water that passed both Tunisian laboratory and U.S. preventive medicine tests for quality. The produced water was so good that when a contractor’s water source had contamination issues during the exercise, the 651st QM Co. stepped in to provide daily bulk water to ensure the continued availability of a dining facility and hot meals in the training area for over ten days.

    “It’s a no-fail mission,” said U.S. Army 1st Lt. David Sneed, company commander of the 651st QM Co., based in Evansville, Wyoming. “No matter the challenges, we have to produce clean, drinkable water or soldiers and the mission are at risk.”

    U.S. Army Sgt. Logan Eggleston and Spc. Johnathan Nelson, water purification specialists with the 651st Quartermaster Company, expel water from a hose during a water purification exercise at African Lion 2024 in Gabes, Tunisia, May 2, 2024. African Lion 2024 marks the 20th anniversary of U.S. Africa Command’s premier joint exercise led by U.S. Army Southern European Task Force, Africa (SETAF-AF), running from April 19 to May 31 across Ghana, Morocco, Senegal and Tunisia, with over 8,100 participants from 27 nations and NATO contingents. (U.S. Army photo by Spc. Trevor Seiler) (Photo Credit: Pfc. Trevor Seiler) VIEW ORIGINAL

    The shift to the port for water production had a positive ripple effect of also moving the wash operation from a military facility nearly an hour away to a closer location in the Gabes seaport. The washrack site consisted of commercial agricultural water tanks, pressure washers and generators, as well as two flatbed trailers with ramps to facilitate undercarriage washing. Now located around 500 meters from the water production location, the TuAF supported continuous transfer of bulk water with two large tank trucks. They diligently made trips back and forth to keep the four 5,000-liter (approximately 1,300 gallons) containers topped off for over a week of washrack operations.

    Additionally, the TuAF seized the opportunity to integrate their own water purification element, sending fifteen soldiers to work and train side-by-side with the 651st QM Co. soldiers for over twenty days. In the future, the TuAF plan a more active role, utilizing their water purification capabilities to support the water mission.

    The washrack operation was ultimately successful, due in no small part to the creative use of a critical, often overlooked, sustainment enabler. The quartermaster unit gained invaluable real-world experience supporting a critical mission in a challenging and unique location. The Tunisian and U.S. Armed Forces gained a new training and collaboration effort, with opportunities to expand participation beyond the combat arms realm.

    “As AL24 ended in Tunisia, the after-action review, as always, identified new challenges and areas to improve,” said U.S. Army Maj. Travis Michelena, logistics planner with the 79th TSC. “But for this year at least, water usage found itself in the ‘sustain’ column.”

    About SETAF-AF

    SETAF-AF provides U.S. Africa Command and U.S. Army Europe and Africa a dedicated headquarters to synchronize Army activities in Africa and scalable crisis-response options in Africa and Europe.

    Follow SETAF-AF on: Facebook, Twitter, Instagram, YouTube, LinkedIn & DVIDS

    MIL OSI USA News

  • MIL-OSI Global: Maths schools top the A-level rankings – and their students only study Stem subjects

    Source: The Conversation – UK – By Harry Richardson, PhD Candidate on Specialist Maths Schools in England, University of Leeds

    Drazen Zigic/Shutterstock

    The school that topped the Times newspaper’s A-Level rankings in 2024 only permits students to sit A-levels in three subjects: maths, further maths and physics. At King’s College London Mathematics School, 76.2% of students got an A* – and 99.5% of students achieved between A*-B.

    King’s Maths School is a specialist mathematics school: a type of free school established in partnership with a leading university for students aged between 16-19. They offer a narrow range of predominately Stem subjects – science, technology, engineering and mathematics.

    In addition to A-levels, the schools specialise in providing university level content and teaching to bridge the gap between secondary school and higher education. Students complete research projects in STEM fields, produce academic reports and are offered science modules delivered in university-style lectures.

    There are currently eight maths schools in England, with another two schools to open in 2025 and a further school in 2026.

    But very little research – only one study – has been carried out on how they operate, what they teach and their students’ experiences. My ongoing PhD research focuses on identifying the similarities and differences between the schools, as well as recording the experiences of students as they progress from school to university.

    Russian inspiration

    The creation of specialist maths schools was announced under the Conservative-Liberal Democrat government in 2011. The policy was devised by Dominic Cummings, the then special advisor to the education secretary at the time Michael Gove. It was inspired by dedicated maths schools in Russia.

    Maths schools must be sponsored by a local university. The Conservative government’s policy was that the university should be a “highly selective university”, where entry requirements for a full time maths degree are roughly equivalent to AAB at A-Level.

    The universities, as well as sponsoring the schools, advise on the research projects, extra-currciular modules and provide resources to the schools. King’s College London and the University of Exeter opened maths schools in 2014, with others following.

    Going to maths school

    Maths schools are state funded and selective. Most maths schools require a minimum of grade 8 (formally grade A) in GCSE maths and a grade 8 in the subjects they want to study at A-Level, plus a minimum of grade 5 in English and any other subjects they studied at GCSE. This may be in addition to references from the school, an entry exam and an interview.

    The schools’ admissions policies give preference to students from disadvantaged backgrounds. At King’s Maths School, 11% of pupils are eligible for free school meals – well below the national average of over 20%. The school does point out, though, that nationally only 3.3% of pupils eligible for free school meals study further maths. According to 2022-23 data, King’s Maths School and Exeter University Mathematics School admit more pupils who receive support for special educational needs than the national average.

    Maths schools may also be part of a Multiple Academy Trust or affiliated with a local college. This can allow students to study a wider range of subjects by taking courses at the college.

    Classroom sizes are small compared to state school classes. With approximately 16 pupils per class, some schools can have a student to staff ratio of 6:1. According to the only paper published on students’ experiences of a maths school, focused on Kings College maths school, students found teachers to be very knowledgeable and more positive compared to their GCSE years.

    However, some students said that it was hit and miss based on the teacher they received. Teachers are given significant autonomy to deliver the curriculum in the way they see best. This means that different classes will be subjected to different teaching styles and therefore, according to some students, there is an element of luck.

    Maths schools are a growing group of schools that appear to be having a positive effect on students. As free schools, they choose the curriculum they teach to their pupils – a liberty that may be under threat if Labour moves forward with plans to require all state schools to teach the national curriculum.

    Harry Richardson does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Maths schools top the A-level rankings – and their students only study Stem subjects – https://theconversation.com/maths-schools-top-the-a-level-rankings-and-their-students-only-study-stem-subjects-238613

    MIL OSI – Global Reports

  • MIL-OSI: Planisware – Availability of the 2024 half-year financial report

    Source: GlobeNewswire (MIL-OSI)

    Availability of the 2024 half-year financial report

    Paris, France, October 9, 2024 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces that it has made available to the public and filed with the Autorité des marchés financiers its half-year financial report as of June 30, 2024.

    This report is available for consultation and downloading on http://www.planisware.com in the Investor, Regulated Information section.

    The 2024 half-year financial report includes:

    • The 2024 half-year activity report;
    • The condensed consolidated interim financial statements 2024;
    • The Statutory auditors’ review report on the half-year financial information for 2024;
    • The declaration by the person responsible for the half-year financial information for 2024.

    Upcoming events

    • October 23, 2024:        Q3 revenue publication

    Contact

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With more than 700 employees across 14 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”). For more information, visit: https://planisware.com/

    Connect with Planisware on: LinkedIn and X (formerly Twitter).

    Attachment

    The MIL Network

  • MIL-OSI: Apache Corporation Tree Grant Program Announces 2024 Recipients

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 09, 2024 (GLOBE NEWSWIRE) —  Apache Corporation, a subsidiary of APA Corporation (Nasdaq: APA), today announced the donation of more than 134,000 trees to 52 nonprofit partner organizations through the annual Apache Corporation Tree Grant Program. Since 2005, over 5 million trees have been granted to more than 1,000 nonprofit partners and government agencies.

    “Apache’s spirit of ingenuity has been an important driver of our tree grant program since its founding 19 years ago, emphasizing our unwavering commitment to environmental stewardship,” said John J. Christmann IV, the company’s chief executive officer. “Trees are essential to the conservation, beautification and longevity of a thriving society, providing cleaner air, water filtration and green spaces for the benefit of communities. We are honored to partner with these organizations as we continue to responsibly meet the world’s oil and gas needs.”

    A committee comprising members of the company’s community partnerships, compliance and environmental, health and safety, and government affairs departments provides guidance for the program’s direction and selection process. Organizations are chosen based on geographic location, potential for environmental impact, and opportunities for community engagement.

    U.S. tree grant recipients for the 2024-25 planting season represent an array of urban areas, rural communities and wildlife preservations that cover diverse and critical ecosystems throughout Texas, New Mexico and Louisiana. Harris County Precinct 4, Texas Parks & Wildlife Department (TPWD) and Big Bend Conservation Alliance (BBCA) are three key partners of the program, benefiting numerous habitats and bettering the quality of life for nearby communities.

    Harris County Precinct 4, represented by commissioner Lesley Briones, is part of the largest county in Texas, maintaining 55 parks and more than 14,000 acres of green space for its 1.2 million residents.

    “I am grateful for Apache Corporation’s partnership helping Harris County protect our most vulnerable communities,” Briones said. “Within Harris County Precinct 4, areas such as Alief and Gulfton experience temperatures that are 10 to 17 degrees hotter than other neighborhoods. The Apache Corporation tree grant will be key in expanding the tree canopy, providing more shade, lowering temperatures and addressing the urban heat island effect. Together, we will be advancing wellness and resiliency.”

    Additionally, Harris County Precinct 3 covers 15,000 acres of greenspace that includes 72 parks and nature centers across 6,800 lane miles across the Greater Houston area from Cypress to Baytown. Planting trees supports the goals of Precinct 3’s parks and trails masterplan to increase shade and heat relief, and restore natural habitats for birds and wildlife, help control erosion, and provide welcoming outdoor spaces for everyone to enjoy.

    “One of the hallmarks of Precinct 3 has always been parks, trails, and roadways lined with beautiful trees,” said Precinct 3 Commissioner Tom Ramsey. “Thank you to Apache Corporation for their ongoing support over the years to place more trees throughout not only our precinct, but throughout our region, as they recognize the unlimited benefits this feature brings to communities.”

    Since 1951, TPWD has provided outdoor recreational opportunities by managing and protecting wildlife, parklands and historic areas that are essential to the natural and cultural resources of Texas.

    “We are happy to be receiving trees at several of our sites located throughout the state and in different divisions of TPWD, which include state parks, wildlife management areas, fish hatcheries, Austin headquarters, and the game warden training center,” said TPWD sustainability manager Cate McClendon. “The process of coordinating tree delivery has gone smoothly this year with all sites already scheduled for October.”

    In Alpine, Texas, BBCA is a nonprofit organization that serves local wildlife by nurturing relationships within shared environments to create inclusive, equitable and just approaches to conservation with communities in the region.

    “Apache’s Tree Grant Program has given our organization the chance to connect with Big Bend’s remote and isolated communities, helping bring tree canopy to towns that regularly experience the effects of extreme heat in the Chihuahuan Desert,” said BBCA executive director Shelley Bernstein. “We’ve been able to plant hundreds of native, drought-tolerant species for residents through outreach partnerships at food pantries, libraries, social service agencies, schools and subsidized housing. The program has helped us realize our mission of inclusive, equitable, and just approaches to conservation in Far West Texas.”

    These organizations represent nonprofits and government agencies of varying scales, geographic regions and demographics that the tree grant program supports, with a full list of this year’s recipients listed below.

    2024 Grant Recipients:

    LOUISIANA

    • BREC – Recreation and Park Commission for the Parish of East Baton Rouge
    • Coalition to Restore Coastal Louisiana (CRCL)
    • Iberia Soil & Water Conservation District
    • Keep Hammond Beautiful
    • Moncus Park
    • NOLA Tree Project
    • Pearl River-Honey Island Swamp Museum & Research Center
    • Pontchartrain Conservancy
    • Proud Louisiana c/o Parish Proud
    • St. Mary Soil & Water Conservation District
    • Terrebonne Parish Consolidated Government
    • Woodlands Conservancy

    NEW MEXICO

    • City of Las Cruces
    • Hermit’s Peak Watershed Alliance
    • La Cosecha Community Supported Agriculture
    • Tree New Mexico

    TEXAS

    • Big Bend Conservation Alliance
    • Big Lake Economic Development Corp
    • Brazoria County Master Gardener Association
    • Bryan Noon Lions Club
    • Buffalo Bayou Partnership
    • City of Alpine
    • City of Andrews
    • City of Boerne
    • City of Edinburg
    • City of Fort Stockton-Keep Historic Fort Stockton Beautiful
    • City of Lubbock
    • City of McAllen
    • City of Pasadena Parks and Recreation
    • City of Seabrook
    • Exploration Green Conservancy
    • Fort Stockton Historical Society
    • Galveston Island Tree Conservancy
    • Harris County Precinct 3
    • Harris County Precinct 4
    • Hermann Park Conservancy
    • Houston Botanic Garden
    • Houston Parks & Recreation Department
    • Houston Wilderness
    • Keep Laredo Beautiful
    • Keep San Angelo Beautiful
    • Keep Sugar Land Beautiful
    • KSA Parks Foundation – Trees for Kingwood
    • Missouri City Green
    • Native Plant Society of Texas, Fredericksburg Chapter
    • Native Plant Society of Texas, Kerville Chapter
    • Scenic Texas, Inc.
    • Texas Blossoms
    • Texas Longleaf Team
    • Texas Parks and Wildlife Department (4 different projects; see pdf)
    • TreeFolks
    • Webb County

    For more information about the Apache Tree Grant Program, please visit http://www.apachelovestrees.com.

    About Apache

    Apache Corporation a wholly owned subsidiary of APA Corporation (Nasdaq: APA), is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom. Apache’s parent corporation, APA Corporation, posts announcements, operational updates, investor information and press releases on its website, http://www.apacorp.com.

    About Apache Corporation Tree Grant Program

    Founded in 2005, the Apache Corporation Tree Grant Program is a philanthropic initiative of Apache Corporation that donates trees to nonprofits and government entities in the company’s operational areas. In 2023, the program was expanded to Scotland, with the donation of 3,600 trees to several non-profit organizations. The program focuses on grants that support large-scale conservation, protection of habitats for wildlife and native species, as well as the restoration and enhancement of public greenspaces. This award-winning environmental stewardship initiative has provided more than 5 million trees to over 900 to qualified partners in the United States. In addition to the development and improvement of public parks and greenspaces, community partners often request trees to support a broad range of conservation efforts, including preservation of natural habitats and reforestation. To learn more about the program, visit http://www.apachelovestrees.com

    Contacts
    Investor: (281) 302-2286  Gary Clark
    Media: (713) 296-7276 Alexandra Franceschi 
    Website: http://www.apacorp.com  

    APA-T

    The MIL Network

  • MIL-OSI Canada: Indigenous Natural Resource Partnerships Program

    Source: Government of Canada News

    The Indigenous Natural Resource Partnerships (INRP) program aims to increase the economic participation of Indigenous communities and organizations in the development of natural resource projects that will increasingly be needed in the clean economy.

    Background

    The Indigenous Natural Resource Partnerships (INRP) program aims to increase the economic participation of Indigenous communities and organizations in the development of natural resource projects that will increasingly be needed in the clean economy.

    INRP has $80 million in contributions funding for projects that:

    • increase the capacity of Indigenous communities to engage in, benefit from, actively participate in and/or capitalize on economic development opportunities in the natural resource sectors; and
    • increase the investment and/or collaboration between Indigenous Peoples and other natural resource development stakeholders, including governments, industry and non-governmental organizations.

    Giyak Mishkawzid Shkagmikwe Inc (GMS)

    Natural Resources Canada will provide $2.7 million to Giyak Mishkawzid Shkagmikwe Inc. (GMS) to help purchase two production mining drills. GMS will lease these drills to Aki-eh Dibinwewziwin Limited Partnership (ADLP), a joint venture among Atikameksheng Anishnawbek, Wahnapitae First Nation and Technica Mining to extract nickel and copper at the Vale Mine in Sudbury.

    The investment of $2.7 million through INRP will allow GMS and its joint venture partners to purchase two production mining drills, enabling them to secure a three-year drilling contract at Vale’s Stobie Open Pit Project. The project will be a significant revenue-generating opportunity for both Atikameksheng Anishnawbek and Wahnapitae First Nation.

    In July 2024, Vale signed an agreement for Stobie Open Pit Mining Project with mining services company Theiss, United Steelworkers and two Indigenous businesses: Z’Gamok Construction LP (ZCLP), owned by Sagamok First Nation, and Aki-eh Dibinwewziwin Limited Partnership (ADLP), operated in partnership with Atikameksheng Anishnawbek, Wahnapitae First Nation and Technica Mining. 

    The $205-million Stobie Open-Pit Mining Project is a short-term extension of the historic Stobie Pit, which ceased operations in 2017 after over 100 years of operations. The Stobie project is the first phase of Vale’s C$945 million plans to revitalize the copper complex in Sudbury. The project will produce nickel and copper, with an initial production target of 300,000 tonnes of nickel and copper ramping up to 1.5 million tonnes annually by 2025 and continuing until 2027 or 2028. Pre-feasibility studies are currently being conducted for the project, which if advanced is expected to begin operating in 2025. 

    Critical Minerals Infrastructure Fund

    The Critical Minerals Infrastructure Fund (CMIF) is Natural Resources Canada’s flagship program under the Canadian Critical Minerals Strategy — to support enabling clean energy and transportation infrastructure projects necessary to increase Canada’s supply of responsibly sourced critical minerals, and the development of domestic and global value chains for the green and digital economy. 

    With the launch of the Strategy in December 2022, the Government of Canada signalled the need for strategic investments in clean energy and transportation infrastructure to realize Canada’s critical mineral potential. To contribute to the implementation of the Strategy, Budget 2022 proposed up to $1.5 billion, until 2030, for infrastructure investments to support expanded sustainable critical mineral production and unlock critical mineral rich regions.

    Canada Nickel Company Ltd. and Transmission Infrastructure Partnerships 1 Limited are planning two pre-development projects related to the Crawford Nickel project in Timmins, Ontario:

    Canada Nickel Company Ltd.

    • Canada Nickel Company Ltd. is planning to conduct studies to inform the Crawford Nickel Sulphide Project’s electrification plan and related grid connection infrastructure. Pending final due diligence, Natural Resources Canada has conditionally approved an investment of up to $4.4 million under the CMIF for this project. 

    Magna Mining Inc. is planning three pre-development projects related to the Shakespeare and Crean Hill mine projects near Sudbury, Ontario:

    • to complete pre-construction milestones to advance a six-kilometre transmission line to connect its Shakespeare mine to the Ontario grid. This work will include identifying the most suitable option for a Hydro One grid power connection to support the proposed nickel-copper mine.
    • to complete pre-construction milestones to advance the upgrade of an existing 30-kilometre forest access road for its Shakespeare mine.
    • to conduct a pre-feasibility study and engagement activities and to acquire permits and regulatory approvals for a connection to the Ontario power grid for its Crean Hill project. The Crean Hill project is restarting an existing mine to help meet demand for copper and nickel as demand for use in clean technologies increases.
    • Pending final due diligence, Natural Resources Canada has conditionally approved these investments to Magna Mining Inc. for a total of up to $1.6 million under the CMIF. 

    MIL OSI Canada News

  • MIL-OSI United Nations: Mr. Tom Fletcher of the United Kingdom – Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator

    Source: United Nations MIL-OSI 2

    nited Nations Secretary-General António Guterres today announced the appointment of Tom Fletcher of the United Kingdom as Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator, Office for the Coordination of Humanitarian Affairs (OCHA).  He succeeds Martin Griffiths of the United Kingdom to whom the Secretary-General is deeply grateful for his outstanding work, dedicated service and long-standing commitment to the Organization.

    The Secretary-General also wishes to extend his appreciation to Joyce Msuya, Assistant Secretary-General for Humanitarian Affairs and Deputy Emergency Relief Coordinator who will continue to serve as Acting Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator until Mr. Fletcher assumes his position.

    Mr. Fletcher, who is currently the Principal of Hertford College, Oxford (since 2020) and Vice Chair of Oxford University’s Conference of Colleges (since 2022), has strong experience of leading and transforming organizations and bringing an understanding of diplomacy at the highest levels.  He previously served as Global Strategy Director, Global Business Coalition for Education (2015-2019) and led work for former Prime Minister Gordon Brown on refugee education.  He also served as United Kingdom’s Ambassador to Lebanon (2011-2015), as Foreign and Development Policy Adviser to three United Kingdom Prime Ministers (2007-2011), and as the Prime Ministers’ mediator on Northern Ireland.

    An internationally recognized communicator, through his books and media work across the fields of development, diplomacy, technology and democracy, with a blend of technocratic expertise and public diplomacy, Mr. Fletcher has worked closely with the United Nations during his diplomatic career in Africa, the Middle East, and Europe.  He served as Head, Middle East Peace Process, Foreign and Commonwealth Office (FCO), London (1997-1998), as Second Secretary, Nairobi, Kenya (1998-2002), Chief of Staff for Africa, Caribbean and Commonwealth, FCO, London (2002-2004) and First Secretary, Paris, France (2004-2007).

    Mr. Fletcher holds a Master of Arts degree in Modern History (Oxford, 1998) and a Bachelor of Arts in Modern History (Oxford, 1997).  He served as Visiting Professor at New York University (2015-2020) and Emirates Diplomatic Academy (2016-2019).  He is fluent in English and French and has a good working knowledge of Arabic and Swahili.

    MIL OSI United Nations News

  • MIL-OSI Canada: Government of Canada renews historic funding for Indigenous health research from coast to coast to coast

    Source: Government of Canada News

    News release

    Investments will support self-determination of Indigenous Peoples in health research

    October 9, 2024 — Ottawa, Ontario — Canadian Institutes of Health Research

    Today, the Honourable Mark Holland, Minister of Health, announced an investment of $37.6 million over five years, through the Canadian Institutes of Health Research, for the renewal of the Network Environments for Indigenous Health Research (NEIHR).

    Across the country, NEIHRs bring together researchers, Indigenous leaders and community members to support community-based and scientifically excellent health research grounded in Indigenous ways of knowing. These networks work to address significant health disparities and train and mentor the next generation of First Nations, Inuit and Métis health researchers. Simply put, this investment is supporting health researchers who are studying ways of improving Indigenous health.

    This continued investment supports the nine established NEIHR Centres in their vital work, assists the NEIHR National Coordinating Centre, and will also expand the program into the Yukon—meaning this important program is now operating in every region of the country.

    Quotes

    “Supporting Indigenous health research and improving Indigenous health is a priority for our Government. By engaging Indigenous communities, Indigenous and non-Indigenous researchers, and many groups and organizations, the NEIHRs are supporting a national research agenda that benefits not just Indigenous Peoples, but all health research in Canada.”

    The Honourable Mark Holland
    Minister of Health

    “Since its launch in 2018, the NEIHR Program has been focused on the unique health needs of First Nations, Inuit, and Métis in Canada. The program creates supportive research environments for community-based research that is driven by Indigenous communities and grounded in Indigenous ways of understanding, also providing the space to grow and adapt with evolving needs.”

    The Honourable Patty Hajdu
    Minister of Indigenous Services and Minister responsible for the Federal Economic Development Agency for Northern Ontario

    “Research involving Indigenous Peoples is always a priority at CIHR. With a total investment of $107.8 million for the Network Environments for Indigenous Health Research, CIHR looks forward to continuing its partnership with Indigenous health researchers and communities across the country.”

    Dr. Tammy Clifford, Acting President
    Canadian Institutes of Health Research

    “The NEIHR centres are independent, Indigenous-led networks that provide supportive research environments for Indigenous health research driven by, and grounded in, Indigenous communities in Canada. This funding renewal means we can continue to support our community partners, our researchers, and our trainees in addressing complex issues in community and with community.”

    Dr. Robert Henry, Co-Lead
    NEIHR National Coordinating Centre

    “This is a big day for Indigenous health research in Canada. All 9 NEIHR Centres have guaranteed funding for five more years, funds have been designated to develop the new Yukon NEIHR Centre, and there’s a stronger focus on training the next generation of Indigenous health researchers. This is the type of support that I had as a NEIHR funded student and the type of support that we need to improve the health and well-being of Indigenous Peoples.”

    Dr. Chelsea Gabel, Scientific Director
    CIHR Institute of Indigenous Peoples’ Health

    Quick facts

    • The Network Environments for Indigenous Health Research (NEIHR) initiative was developed to strengthen Indigenous research capacity, training and mentoring, and support Indigenous community-based health research that reflects the priorities and values of Indigenous Peoples. The NEIHR program is now active in all regions of Canada.

    • Today’s announcement of $37.6 million over five years from the Canadian Institutes of Health Research represents the next phase of the agency’s 2018 investment of $100.8M, the single largest investment ever made in Indigenous health research in Canada, which established NEIHR networks across the country. With a planned final phase of funding arriving in 2029, the total investment by the end of the program is expected to be close to $108 million. 

    • Through the NEIHR initiative, CIHR is supporting hundreds of Indigenous researchers and trainees, and significant Indigenous health research projects across the country.

    • CIHR is committed to advancing Indigenous self-determination in health research and embedding Indigenous ways of knowing, learning and doing in our research programs.

    Associated links

    Contacts

    Matthew Kronberg
    Press Secretary
    Office of the Honourable Mark Holland
    Minister of Health
    343-552-5654
    matthew.kronberg@hc-sc.gc.ca

    Media Relations
    Canadian Institutes of Health Research
    mediarelations@cihr-irsc.gc.ca

    At the Canadian Institutes of Health Research (CIHR) we know that research has the power to change lives. As Canada’s health research investment agency, we collaborate with partners and researchers to support the discoveries and innovations that improve our health and strengthen our health care system.

    MIL OSI Canada News

  • MIL-OSI: Lendmark Financial Services Expands Kentucky Presence with Florence Branch, Marking its 22nd Location in the State

    Source: GlobeNewswire (MIL-OSI)

    FLORENCE, Ky., Oct. 09, 2024 (GLOBE NEWSWIRE) — Lendmark Financial Services (Lendmark), a leading provider of household credit and consumer loan solutions, continues to expand its Kentucky footprint, opening a new branch in Florence.

    The branch is located at 212 Mount Zion Road and is expected to serve hundreds of customers in its first year. Elaine Gambill, who serves as the branch manager, will be responsible for administration of all daily operations. These include building personal relationships with customers and integrating into the community to ensure area residents receive a superior level of individualized loan services that meet their unique financial needs.

    “Planned and unplanned life events still happen, causing many consumers to look for financial resources to meet these needs,” said EJ Ryan, Vice President of Branch Operations at Lendmark. “Our team will be laser focused on serving the Florence community, delivering personalized and convenient household credit solutions that meet their respective financial needs.”

    In addition to serving consumers directly, Lendmark provides financing solutions for thousands of retailers and independent auto dealerships, allowing these businesses’ customers to obtain Lendmark financing. Local businesses that are interested in partnering with Lendmark to provide financing solutions for their customers should visit the branch or call 859-474-5598.

    Lendmark’s ‘Climb to Cure’ is its signature cause-related initiative. The company has committed to raising $10 million by 2025 to mark its 10-year anniversary partnering with CURE Childhood Cancer. So far, Lendmark’s employees, partners and customers have raised $8.83 million to support CURE, an Atlanta-based nonprofit dedicated to funding targeted pediatric cancer research that is utilized nationwide.

    Lendmark customers can participate by donating $1 when closing their loan. Lendmark matches the donation.

    About Lendmark Financial Services
    Lendmark Financial Services (Lendmark) provides personal and household credit and loan solutions to consumers. Founded in 1996, Lendmark strives to be the lender, employer, and partner of choice by protecting household wealth, offering stability and helping consumers meet both planned and unplanned life events through affordable loan offerings. Today, Lendmark operates more than 515 branches in 22 states across the country, providing personalized services to customers and retail business partners with every transaction. Lendmark is headquartered in Lawrenceville, Ga. For more information, visit http://www.lendmarkfinancial.com.

    Media Contact
    Jeff Hamilton
    Senior Manager, Corporate Communications
    jhamilton@lendmarkfinancial.com
    678-625-3128

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4de73a45-0f99-4be1-8ac5-4dd139567888

    The MIL Network

  • MIL-OSI: Zoomtopia 2024: Unveiling AI-first work platform innovations

    Source: GlobeNewswire (MIL-OSI)

    • Next generation of Zoom AI Companion to pull in information from across Zoom Workplace, empowering users to get more done
    • New custom add-on for AI Companion to offer advanced customization capabilities, including new Zoom AI Studio
    • Zoom Tasks expands Zoom Workplace capabilities to help users detect, recommend, and complete tasks throughout their workday

    SAN JOSE, Calif., Oct. 09, 2024 (GLOBE NEWSWIRE) — Today Zoom Video Communications, Inc. (NASDAQ: ZM) kicked off Zoomtopia 2024 and unveiled new AI-first work platform innovations for Zoom Workplace and Zoom Business Services that will transform team communication, collaboration, and productivity and help customers get more done.

    Zoomtopia 2024 announcements include Zoom AI Companion 2.0, a new add-on option to customize and personalize AI Companion, Zoom Tasks to help users take action across Zoom Workplace, and enhanced employee and customer experience innovations underpinned by cutting-edge AI.

    “At Zoom, we’re not just reimagining communication—we’re revolutionizing the entire work experience. Our vision is to create an AI-first work platform for human connection that empowers teams to achieve more than ever,” said Eric S. Yuan, founder and CEO of Zoom. “With AI Companion already enhancing productivity, we are helping our customers transform the way they work. This is more than an evolution; it’s a complete overhaul of how we get things done in the digital age.”

    Zoom AI innovations

    Zoom’s mission is to deliver an AI-first work platform for human connection. This AI-first approach to Zoom Workplace and Zoom Business Services allows individuals and teams to free up time and focus on what they do best: engaging, connecting, and delivering creative and insightful work.

    Zoom’s federated approach to AI allows its tech stack to dynamically select from multiple AI models to provide high-quality outputs; is responsible and provides customers with controls; and helps users drive enhanced collaboration, optimize time, and prioritize tasks effectively. Additionally, Zoom AI Companion is included at no additional cost with the paid services in eligible Zoom accounts so that users can harness the benefits of AI across all of their workstreams and get more done.

    Zoom AI Companion 2.0
    Zoom is dedicated to continuously improving AI Companion, giving its customers access to its most up-to-date and high-quality AI tools to make the user experience more seamless and productive. New capabilities of AI Companion 2.0 will include:

    • Persistent: Users can now engage with AI Companion via a convenient, persistent side panel, with seamless availability throughout Zoom Workplace, delivering an AI-first user interface (UI) that seamlessly integrates graphical and conversation UIs to allow for better information flow across Zoom Workplace.
    • Expanded context: AI Companion gains advanced contextual understanding based on what the user is looking at in the Zoom Workplace app and on previous conversations to provide intelligent suggestions and responses that come with citations to help users stay on top of their workday.
    • Advanced synthesis: AI Companion can pull in interactions from across Zoom Workplace, and, when connected, information from Microsoft Outlook, Gmail, Google Calendar, and uploaded files from Microsoft Office and Google Docs to help users summarize content and interactions and get caught up fast.
    • Connected to the web: AI Companion will be able to answer user questions and look up information from the web in real time.
    • Takes action: AI Companion will be able to detect, track, and complete actions across different workloads in Zoom Workplace to help users get more done.

    AI Companion 2.0 will be available in the coming weeks at no additional cost with paid services in Zoom Workplace accounts.

    Custom add-on for AI Companion
    A new optional add-on that allows for a customized and personalized AI Companion experience for individual customers will provide expanded data access to apps beyond Microsoft and Google email and calendar services and additional company data sources to expand its knowledge, allow customization with company glossaries, offer enhanced search capabilities, and be able to take action on the user’s behalf. The personalization capabilities will help improve AI Companion’s performance on the customer’s account and empower them to scale staff development efforts with a personalized coach and help save time and resources with custom avatar clips. Key components of the new add-on include:

    • Customized experience with AI Studio: Organizations can tailor the AI Companion experience to their unique business needs with custom dictionaries, meeting summaries, and knowledge collections, helping improve response accuracy by connecting to company data sources.
    • Connected third-party apps: Get comprehensive insights with the option to connect third-party data sources that integrate with Zoom’s AI capabilities to allow AI Companion to get answers and orchestrate actions across third-party apps like Atlassian (Jira & Confluence), Glean, Workday, Zendesk, ServiceNow, Box, Asana, Hubspot, and more.
    • Personalization: With the custom AI Companion add-on, individuals can also grow their skills with personal coaching capabilities and save time and production costs with custom avatars for Zoom Clips, which help users scale video clip creation and avoid multiple takes by using a personalized AI-generated avatar to create clips with a user-provided script.

    Custom AI Companion add-on will be available for $12 per user per month and is planned to launch in the first half of 2025. Visit the Zoom newsroom for more information on Zoom’s latest AI innovations.

    Zoom Workplace advancements

    Stay on top of the workday
    With Zoom Workplace, employees can easily stay on top of their day and get more done. New innovations include an AI-first product, Zoom Tasks, which will use AI Companion to help detect, recommend, and complete tasks for a user based on conversations from across Zoom Workplace; Zoom Phone AI-first enhancements, including real-time queries, which will provide summaries of Zoom Phone calls as they happen and Zoom Phone voicemail generation that a user can set up so AI Companion can automatically create personalized voicemail greetings from their voiceprint that are tailored to the user’s calendar events, such as travel schedules, to avoid manual voicemail greeting updates.

    Collaborate more effectively
    Zoom Workplace users will be able to have more productive meetings and collaborate more effectively with AI Companion meeting agendas and real-time summaries that help them make sure the most important topics are covered and keep meetings on track; scale their efforts with a library of pre-selected avatars in Zoom Clips to generate professional video content from text; Zoom Docs will offer new organization and permission options for finer control, new Data Table views and columns for collaboration on projects, APIs and workflow automation, and AI Companion skills to help streamline writing by generating content from templates tailored for writing scenarios and additional data sources.

    These Zoom Workplace enhancements are included at no added cost with the paid services in Zoom Workplace accounts.

    In-person experiences
    Zoom announced AI Companion for in-person meetings, which provides meeting summaries and action items via the Zoom Workplace app on a mobile device. For in-office meetings, AI Companion is expanding within Workspace Reservation to recommend what days employees should go into the office based on when their teammates are there, and recommend rooms based on location and size, making it easier to coordinate, collaborate with teammates, and optimize in-office space.

    Employee engagement
    New AI-first employee engagement solutions that help foster connection include AI Companion for Workvivo, which helps keep employees informed, engaged, and connected by creating content faster, and Workvivo Employee Insights, which helps measure employee engagement, happiness, and performance.

    Visit the Zoom newsroom for more information on these Zoom Workplace features and more.

    Business Services enhancements

    Zoom Customer Experience
    Zoom introduced enhancements to self-service solutions and improved agent and management support features to help provide world-class customer experiences.

    • Zoom’s self-service chatbot, Zoom Virtual Agent, now includes multi-intent detection to handle more complex customer issues. It can process several problems within a single engagement and automatically update customer intents based on learnings from active trends or common queries. Zoom is also launching an AI virtual voice agent to bring Zoom Virtual Agent’s capabilities into self-service voice calls.
    • The new Auto Quality Management allows supervisors to gain comprehensive insights into agent performance, automatically scoring customer interactions.
    • New AI Expert Assist capabilities include dynamic agent guides—AI Expert Assist analyzes the conversation context, notices which steps the agent has already taken, and then guides them to the relevant next step.

    Visit the Zoom newsroom for more information about these customer experience announcements and additional innovations for sales and marketing.

    Industry-specific offerings

    Different types of workers, whether it’s based on where they work or their industry, have unique needs, so Zoom announced new tailored solutions enhanced with AI.

    • For frontline workers, Zoom Workplace for Frontline provides a mobile-centric experience to drive employee productivity, engagement, and collaboration. It includes AI Companion-generated shift summaries, on-shift communications, work management, insights, and more.
    • For healthcare, Zoom Workplace for Healthcare will include AI Companion 2.0 to help personnel get more done. Healthcare customers will also be able to purchase a custom AI Companion for Healthcare add-on to provide customization and personalization capabilities with healthcare dictionaries and access to third-party data sources like electronic healthcare records.
    • The new Zoom Workplace for Clinicians offering helps clinicians save time by automating the clinical workflow. A key part of the solution is clinical notes, which will use specialized healthcare AI to help reduce documentation overhead and improve doctor-patient interactions.
    • For education, Zoom Workplace for Education will include AI Companion 2.0, along with education-specific enhancements like lesson planning, lecture summaries, personalized feedback, and in-class student engagement, as well as capabilities for students, such as AI Companion-generated live notes, Zoom Docs, and more. A custom AI Companion for Education add-on will provide additional access to third-party data sources like student information systems, Learning Management Systems, and other institutional content.

    Visit the Zoom newsroom for more information on additional industry enhancements.

    Watch Zoomtopia

    Tune in to Zoomtopia today for the Americas and tomorrow, October 10 for APAC, EMEA, and Japan to learn more about these innovations, and visit the Zoom blog for product updates.

    About Zoom
    Zoom’s mission is to provide an AI-first work platform for human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer experience teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com.

    The statements contained here are for informational purposes only and may not be incorporated into any contract. Any services, products, or functionality referenced that are not currently available are subject to change at Zoom’s sole discretion and may not be delivered as planned or at all. Customers who purchase from Zoom should make their purchase decisions based on currently available pricing, features, and functions.

    Zoom Public Relations
    Lacretia Nichols
    press@zoom.us

    The MIL Network